Technical Analysis of EUR/USD for October 19, 2020

Technical Market Outlook:

The EUR/USD pair has been seen moving lower at the beginning of the trading week. The last lower low was made at the level of 1.1688, just below the technical support seen at the level of 1.1696 and this is the next target for the bears. The nearest technical resistance is seen at the level of 1.1746. Despite the oversold conditions, the momentum remains weak and negative, which support the short-term bearish outlook.

Weekly Pivot Points:
WR3 - 1.1924
WR2 - 1.1873
WR1 - 1.1783
Weekly Pivot - 1.1733
WS1 - 1.1641
WS2 - 1.1593
WS3 - 1.1509

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.

Analysis are provided by InstaForex