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02.10.201907:58 Forex Analysis & Reviews: Technical analysis of EUR/USD for 02/10/2019

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.

Technical Market Overview:

After making a new local low at the level of 1.0879 the EUR/USD pair printed a promising Bullish Engulfing candlestick pattern. The bounce has reached the level of 1.0942, but the short-term and long-term trend is still down, but due to the extremely oversold market conditions. The bulls still have a chance for a move towards the level of 1.0964 and higher towards the level of 1.0978, but they need to break out of the descending channel. The next target for bears is seen at the level of 1.0817.

Weekly Pivot Points:

WR3 - 1.1116

WR2 - 1.1087

WR1 - 1.0996

Weekly Pivot - 1.0951

WS1 - 1.0872

WS2 - 1.0826

WS3 - 1.0757

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0926 and the technical resistance at the level of 1.1267.

Exchange Rates 02.10.2019 analysis

Sebastian Seliga
Analytical expert of InstaForex
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