We're bearish towards 1.1682. | 19 Oktober 2020

19 Oktober 2020, EUR/USD

We're bearish towards 1.1682.

Technical observation

On the hourly chart above, price retraced to a resistance zone 1.1724-1.1721 but did not break above it but bounced within the zone before rallying downwards. As long as EUR is contained below the above-mentioned zone, you can only anticipate bearish movements of price. Currently price is trading below the zone with an increasing bearish momentum and I expect it to decline to the supportive level 1.1682 followed by a clear breakout below it with a big red candle. My advice, if you sold EUR within 1.1724-1.1721 after a bounce, remain short with your take profit at 1.1682 and stop loss at 1.1735.

Trade recommendation

Remain bearish with your take profit at 1.1682.

Imelda Maseno
Analyst of «FreshForex» company
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