empty
20.10.2023 08:53 AM
Technical Analysis of EUR/USD for October 20, 2023

Technical Market Outlook:

The EUR/USD pair has been seen coming off the local high located at the level of 1.0595, but still trades between the 100 and 50 moving averages. The nearest technical support is seen at the level of 1.0555 and the nearest technical resistance is located at the level of 1.0595. The next target for bears is the technical support located at the level of 1.0496 and 1.0483, but in order to do this, they need to break out below the trend line support. If the latter is violated, then the key short-term technical support located at the level of 1.0449 would be exposed for the test.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.05460

WR2 - 1.05343

WR1 - 1.05298

Weekly Pivot - 1.05226

WS1 - 1.05181

WS2 - 1.05109

WS3 - 1.04992

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 12 weeks long now and there is no indication if the down move termination yet. There is still a room to the downside on the RSI indication on the weekly time frame as well.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading Signals for GOLD for May 9-12, 2025: sell below $3,361 (21 SMA - 7/8 Murray)

On the other hand, if the bearish force prevails, gold is expected to continue falling and could again test the 6/8 Murray level, which could serve as a good point

Dimitrios Zappas 15:01 2025-05-09 UTC+2

Forecast for EUR/USD on May 9, 2025

On Thursday, the EUR/USD pair rebounded from the 76.4% Fibonacci corrective level at 1.1338, turned in favor of the U.S. dollar, and fell below the support zone of 1.1240–1.1265

Samir Klishi 11:24 2025-05-09 UTC+2

GBP/USD. May 9th. The Bank of England Didn't Support the Bulls

On the hourly chart, the GBP/USD pair on Thursday formed two bounces from the 127.2% Fibonacci retracement level at 1.3344, turned in favor of the US dollar, and dropped

Samir Klishi 11:22 2025-05-09 UTC+2

Forex forecast 09/05/2025: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 09:53 2025-05-09 UTC+2

Trading Signals for EUR/USD for May 8-12, 2025: buy above 1.1190 (200 EMA - 6/8 Murray)

Early in the European session, the EUR/USD pair is trading around 1.1224, above the 200 EMA, and below the 6/8 Murray, with a bearish bias. The euro is likely

Dimitrios Zappas 06:41 2025-05-09 UTC+2

EUR/USD Forecast for May 9, 2025

Yesterday's data from Germany exceeded expectations. Industrial production in March increased by 3.0%, compared to a forecast of 0.9% and a February decline of 1.3%. The March trade surplus amounted

Laurie Bailey 05:55 2025-05-09 UTC+2

GBP/USD Forecast for May 9, 2025

Yesterday, the Bank of England cut its interest rate by a quarter point, with only seven members of the Committee voting in favor of the decision, contrary to the consensus

Laurie Bailey 05:15 2025-05-09 UTC+2

EUR/GBP Forecast for May 9, 2025

The EUR/GBP pair is anticipated to reverse its downward trend and begin to rise. The wedge-shaped decline since April 11 clearly has a corrective structure, and this downward movement

Laurie Bailey 05:15 2025-05-09 UTC+2

Forecast for EUR/USD on May 8, 2025

On Wednesday, the EUR/USD pair twice rebounded from the resistance zone of 1.1374–1.1383, reversed in favor of the U.S. dollar, and began a new decline toward the 100.0% corrective level

Samir Klishi 10:43 2025-05-08 UTC+2

Forex forecast 08/05/2025: EUR/USD, GBP/USD, USD/JPY, USDX, Gold and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 10:37 2025-05-08 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.