October 19, 2020 : EUR/USD daily technical review and trade recommendations.
On September 25, The EURUSD pair has failed to maintain enough bearish momentum to enhance further bearish decline.
Instead, recent ascending movement has been established within the depicted movement channel leading to bullish advancement towards 1.1750-1.1780 which failed to offer sufficient bearish pressure in the first attempt.
Earlier last week, temporary breakout above 1.1750 was demonstrated as an indicator for a possible bullish continuation towards 1.1880 where the upper limit of the movement channel comes to meet the pair. However, immediate bearish decline brought the pair back below 1.1750.
Hence, the price zone around 1.1750-1.1780 remains a Prominent Resistance-Zone as long as bearish persistence is maintained below it. Lower Projection Target levels are located around 1.1720, 1.1685 and 1.1600. On the other hand, bullish persistence above 1.1780 will probably enable more upside movement initially towards the price levels of 1.1820 and 1.1840.
The material has been provided by InstaForex Company – www.instaforex.com