Technical analysis of EUR/USD for October 8, 2018

EUR/USD bounced towards resistance area of 1.1530-1.1545 but got rejected once again. Bulls now try to hold prices above short-term support at 1.1480-1.15. Losing this area will open the way for a move lower towards 1.14-1.1420.

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Red lines - bearish channel

Blue line - short-term support

Organge dots - medium strength resistance

Red dots - maximum strength resistance

EUR/USD remains inside the bearish channel since mid September. Short-term support is being challenged now at 1.1480-1.15. Break below this area and we are most probably going to see lower lows towards 1.1420-1.14. If bulls manage to hold support and break above 1.1550 we could see a bigger bounce unfold towards 1.1650 which the medium-strength resistance on a daily basis.

The material has been provided by InstaForex Company - www.instaforex.com