October 22, 2020 : EUR/USD Intraday technical analysis and trade recommendations.
In July, the EURUSD pair has failed to maintain bearish momentum strong enough to move below 1.1150 (consolidation range lower zone).
Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1750 which failed to offer sufficient bearish pressure.
Bullish persistence above 1.1700 – 1.1760 favored further bullish advancement towards 1.1975 – 1.2000 ( upper limit of the technical channel ) which constituted a Solid SUPPLY-Zone offering bearish pressure.
Moreover, Intraday traders should have noticed the recent bearish closure below 1.1700. This indicates bearish domination on the short-term.
On the other hand, the EURUSD pair has failed to maintain sufficient bearish momentum below 1.1750. Instead, another bullish breakout was being demonstrated towards 1.1870.
As mentioned in previous articles, the price zone of 1.1870-1.1900 stands as a solid SUPPLY Zone corresponding to the backside of the broken channel if bullish pullback occurs again soon
The material has been provided by InstaForex Company – www.instaforex.com