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09.10.201814:39 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for EUR/USD for October 9, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 09.10.2018 analysis

On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress (recent bearish engulfing weekly candlestick).

On September 10, the price level of 1.1500 offered temporary bullish recovery. A quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, evident bearish momentum is being demonstrated on the daily chart. The current decline is currently taking place below 1.1520 (the lower limit of the consolidation range) towards the price level of 1.1420.

As for the bearish side of the market to remain dominant, the EUR/USD pair should achieve bearish breakdown below the price level of 1.1420.

The first bearish target would be located around 1.1275 if sufficient bearish momentum is demonstrated below 1.1420.

On the other hand, re-closure above the price level of 1.1520 brings the EUR/USD pair back inside the depicted consolidation range (1.1520-1.1750) for more sideway consolidations until breakout occurs in either direction.

Mohamed Samy
Analytical expert of InstaForex
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