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24.10.2018 08:56 AM
Technical analysis of EUR/USD for October 24, 2018

EUR/USD is trading above the critical support of 1.1430-1.1450. Price has been mainly moving sideways between 1.16 and 1.1430 for the last few days. For bulls it is important to hold above recent lows and break above 1.1520.

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Red dots - maximum strength short-term resistance

Green dots - maximum strength short-term support

EUR/USD has made a triple bottom in the 1.1430-1.1450 area. This signifies the importance of this level. Breaking below this level will open the way for a move towards 1.12-1.13. Breaking above yesterday's highs will open the way for a test of 1.1520 which is the next short-term resistance. However for bulls to hope to see above 1.16 we need a break above 1.1560. Bouncing strongly off this area will increase the chances for a corrective rally towards 1.1660.

Longer-term I'm bearish as long as price is below 1.1820.

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