Technical analysis of EUR/USD for October 9, 2018

EUR/USD broke short-term support at 1.1480-1.15 and fell as low as 1.1460. I was expecting a bigger decline towards 1.1420-1.14 and until now we have not seen it. Price bounced back towards 1.15, however trend remains bearish as long as price is below 1.1545.

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Red rectangle - major support and possible reversal zone

Green rectangles - resistance levels

EUR/USD is in a bearish trend. There is no sign of a reversal yet. The first sign of a reversal would be a break above the fist green rectangle resistance. As long as we are below it, I expect prices to continue lower inside the red target area before reversing upwards.

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