Technical Analysis of EUR/USD for October 9, 2020

Technical Market Outlook:

The EUR/USD pair has jumped back towards the level of 1.1790, but did not manage to break through. The local high was made at the level of 1.1781 and it will now act as an intraday resistance. Since then, the market has been trading horizontally in a narrow range. Due to the positive momentum, there is still a chance for the continuation of the move up. In that case, the level of 1.1753 can not be violated. Please notice, the market still trades above the trend line, so the short-term outlook remains bullish. Larger time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.1938

WR2 - 1.1852

WR1 - 1.1782

Weekly Pivot - 1.1691

WS1 - 1.1632

WS2 - 1.1548

WS3 - 1.1473

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. 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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