October 1, 2020 : EUR/USD daily technical review and trade recommendations.
By the end of August, the EURUSD pair has achieved a temporary breakout above the previously mentioned resistance zone located around 1.1900.
However, Significant SELLING pressure was applied around 1.2000 where the upper limit of the movement pattern came to meet the pair.
That’s why, the EUR/USD pair has demonstrated a quick bearish decline towards 1.1800 then 1.1770-1.1750 which failed to offer sufficient Support for the EUR/USD.
Earlier Last week, a breakout to the downside was executed below the price level of 1.1750 (Lower limit of the depicted movement pattern). Hence intraday technical outlook has turned into bearish.
Intraday traders should consider any pullback towards the recently-broken key-zone (1.1750-1.1770) for a valid SELL Entry.
On the other hand, a breakout above 1.1820 (Exit Level) will probably enable further upside movement towards 1.1860-1.1900.
The material has been provided by InstaForex Company – www.instaforex.com