16.10.201914:03 Forex Analysis & Reviews: Technical analysis of EUR/USD for October 16, 2019

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Overview:

The EUR/USD pair continues to move upwards from the level of 1.0996. Yesterday, the pair rose from the level of 1.0996 to the top around 1.1059. But the pair has rebounded from the top of 1.1059 to close at 1.1020.

This would suggest a bullish market because the moving average (100) is still in a positive area and does not show any signs of a trend reversal at the moment.

Amid the previous events, the EUR/USD pair is still moving between the levels of 1.0996 and 1.1110, so we expect a range of 114 pips in coming hours.

The EUR/USD pair will continue to rise from the level of 1.0996. The support is found at the level of 1.0996, which represents the 50% Fibonacci retracement level in the H1 time frame.

So, buy above the level of 1.0996 with the first target at 1.1059 in order to test the daily resistance 1.

The level of 1.1110 is a good place to take profits.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours.

If the trend is able to break the level of 1.1059, then the market will call for a strong bullish market towards the objective of 1.1059 today. The level of 1.1110 is a good place to take profits.

On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.0934, a further decline to 1.0879 can occur. It would indicate a bearish market.

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