October 15, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Trading 15 oct 2020 Donner votre avis

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The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.

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 where some considerable bearish rejection has been demonstrated.

The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) constituted a SOLID SUPPLY-Zone which offered bearish pressure.

Intraday traders should have noticed the recent bearish closure below 1.1700 - 1.1750 as an indicator for a possible bearish reversal.

As expected in previous articles, the price zone of 1.1850 - 1.1870 stood as a solid SUPPLY Zone providing significant bearish pressure as well as a valid SELL Entry.

Further bearish decline should be expected towards the next Fibonacci Level at1.1625 where price action should be watched again for a possible bearish continuation below it.

The material has been provided by InstaForex Company - www.instaforex.com

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