10.10.201911:49 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 10, 2019

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Overview:

The EUR/USD pair faced strong support at the level of 1.0966 because resistance became support.

The strong resistance has been already faced at the level of 1.0966 and the pair is likely to try to approach it in order to test it again.

The EUR/USD pair continues to move upwards from the level of 1.0966. Today, the pair rose from the level of 1.0966 to a top around 1.1020.

The price spotclimb up of 1.0966 remains a significant support zone. Therefore, there is a possibility that the EUR/USD pair will move to the upside and rising structure does not look corrective.

The bullish outlook remains the same, as long as the 100 EMA is pointing to the upside.

The pair is trading above its pivot point. It is likely to trade in a higher range as long as it remains above the pivot point. long positions are recommended with the first target at 1.1065. A break of that target will move the pair further upwards to 1.1107. The pivot point stands at 1.0966.

Please notice that this scenario will be invalidated if the price reverses below the wave 2 lows at the level of 1.0933. But overall I still prefer the bullish scenario at this phase

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