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Technical analysis of EUR/USD for October 18, 2018

Posted On 18 Oct 2018
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EUR/USD has broken through support levels and is now in danger of falling even lower towards 1.1430. If prices do not reverse above 1.15 today or latest tomorrow, EUR/USD bulls will be in danger of more losses.

Blue lines – pitchfork

Black lines – Fibonacci levels

EUR/USD has reached the 61.8% Fibonacci retracement after breaking below the 38% level as expected. Price has now broken also below the 61.8% but only marginally. Bulls want to see a reversal today and price not to move further lower towards the lower pitchfork boundary at 1.1430. Bulls want to see price bounce and reverse upwards from current levels as soon as possible. Otherwise, bears will regain control of the trend and might push prices towards 1.13 or lower.

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

Source:: Technical analysis of EUR/USD for October 18, 2018

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