The EUR/USD activates the negative scenario – Analysis – 16/10/2020

a-3The EURUSD pair confirmed breaking 1.1720 level after closing the daily candlestick below it, to activate the bearish trend scenario on the intraday basis, on its way to visit 1.1540 that represents 38.2% Fibonacci correction level for the entire rise measured from 1.0775 to 1.2011.

On the other hand, we notice that the price completed forming head and shoulders’ pattern that supports the expectations to decline towards the mentioned target, making the bearish trend expected in the upcoming sessions unless breaching 1.1720 followed by 1.1750 levels and holding above them.

The expected trading range for today is between 1.1610 support and 1.1770 resistance.

The expected trend for today: Bearish

Origin: Economies

Leave a Reply