Technical Analysis of EUR/USD for October 30, 2020

Technical Market Outlook:

The EUR/USD pair has hit the level of 1.1648, which is the short-term key technical support, together with the level of 1.1655. The momentum is still weak and negative despite the oversold market conditions at the H4 time frame chart. The nearest intraday resistance is seen at the level of 1.1696. The weekly candle is down and it is bigger than last week up candle, so the bears are still in control of the market. The next target for bears is seen at the level of 1.1612.

Weekly Pivot Points:

WR3 - 1.2123

WR2 - 1.1991

WR1 - 1.1943

Weekly Pivot - 1.1823

WS1 - 1.1766

WS2 - 1.1638

WS3 - 1.1589

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. The recent correction towards the level of 1.1612 seems to be completed and now market is ready for another wave up. This means any local 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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The material has been provided by InstaForex Company - www.instaforex.com