Technical analysis of EUR/USD for Oct 8, 2019

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Technical Market Overview:

The EUR/USD pair has made the last local high at the level o 1.0999 in overbought market conditions, so the price might now trade in a narrow range for a little while. Nevertheless, the bulls might decide to push it higher anyway as the price is still in a short-term ascending channel. The momentum is still strong and positive, which supports the short-term bullish outlook and the technical support located at the level of 1.0966 should hold the bears. Please remember, that the higher timeframe trend is still bearish.

Weekly Pivot Points:

WR3 – 1.1156

WR2 – 1.1079

WR1 – 1.1037

Weekly Pivot – 1.0957

WS1 – 1.0918

WS2 – 1.0839

WS3 – 1.0797

Trading recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0926 and the technical resistance at the level of 1.1267.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of EUR/USD for 08/10/2019

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