Technical analysis of EUR/USD for October 10, 2018 888011000 110888 EUR/USD made new lows yesterday at 1.1432 very near to our target location of 1.14-1.1420. EUR/USD bounced above 1.15 later on. There are high opportunities that the bearish trend is complete and a brand-new up trend has started. However for this to be verified we will need more indications of strength. Orange dots -medium strength resistance Red dots-maximum strength resistance In the 4-hour chart as revealed above EUR/USD has actually stopped its increase at the medium strength resistance level of 1.1520-1.1530. Bulls will require to close and break today at least above this level. The most crucial short-term resistance is at 1.1560-1.1570 area. In order to call a bottom and a turnaround bulls will need to break this level. Otherwise another rejection at current levels will bring EUR/USD to new lower lows closer to our initial target of1.14-1.1420. EUR/USD is near the end of the bearish pattern. I do not believe this is the time to be bearish EUR/USD for more than a day.The product has been supplied by InstaForex

Leave a Reply

Your email address will not be published. Required fields are marked *