Technical Analysis of EUR/USD for October 15, 2020

Technical Market Outlook:

After the EUR/USD pair had hit the level of 1.1822 again and made a new local high at 1.1830, the bears the reversed all the wave up. This is the 61% Fibonacci retracement level on the weekly time frame chart and had been tested many times in the past and even this time the bears were stronger than bulls again. The market is currently trading at horizontally around the daily lows seen at the level of 1.1746. The nearest technical support is seen at the level of 1.1724, 1.1710 and 1.1696. Weak an negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.2004

WR2 - 1.1916

WR1 - 1.1875

Weekly Pivot - 1.1792

WS1 - 1.1756

WS2 - 1.1665

WS3 - 1.1629

Trading Recommendations:

Since the middle of March 2020 the main trend is on EUR/USD pair has been up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top seen at the level of 1.2004. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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