Technical analysis of EUR/USD for October 22, 2018

EUR/USD made a double bottom at 1.1430 and is now back above 1.15 exactly what bulls wanted. Price should continue higher in the short-term towards 1.1660. A rejection at that level will be decisive for the medium-term trend. As long as price is below 1.1810 we remain bearish.

Green line – resistance
Red line – support

EUR/USD has pulled back towards October lows from the 38% Fibonacci retracement. The double bottom is a bullish sign. If price breaks above the green trend line resistance at 1.1580, we should then expect prices to move higher towards the 61.8% Fibonacci retracement resistance. A break below 1.1430 will open the way for a move towards 1.13-1.12.

 

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