15.10.201808:52 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 15, 2018

Long-term review

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EUR/USD is showing reversal signs in the 4-hour chart. Price has reversed to the upside from 1.1432 and is now trading above short-term resistance (now support) at 1.1530.

Green dots - medium strength support

Dark green dots - maximum strength support

EUR/USD is bouncing relative to the decline from 1.1815 to 1.1432. So far we have seen one leg higher towards 1.16 and a pullback to back test the break out above the 1.1530. Support at 1.1530 is holding for now. I do not expect new lows below 1.14 as long as we trade above 1.1480. Resistance is found towards 1.1610. If broken, we should expect prices to continue higher towards at least 1.1670. A rejection and reversal at 1.1670 area would be a bearish sign. Continuing a rally above 1.1730 would increase the chances of breaking above 1.1815 as well.

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