EUR/USD: technical analysis 10.10.2019
EUR/USD is trading above its middle middle line of Bollinger bands suggesting bullish momentum. The instrument is now trying to consolidate above the resistance level of 1.09863 (Murray [8/8]). Assuming the pair’s ability to cross this level, the area of 1.10016 (Murray [+1/8]) - 1.10168 (Murray [+2/8]) can be targeted if holding long positions.
Pullback and pair’s sustained trading below 1.09711 (Murray [7/8]) could lead the price to the 1.09558 (Murray [6/8]) level. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.09406 (Murray [5/8]).
Technical indicators reflect the maintenance of the upward potential. MACD is slowly growing in the positive zone. Stochastic is pointed upwards, reflecting the high possibility of the upward movement formation. Bollinger Bands are pointed sideways.
Support and resistance
Support levels: 1.09711, 1.09558, 1.09406.
Resistance levels: 1.09863, 1.10016, 1.10168.
Long positions can be opened above the level of 1.09930 with the target at around 1.10016-1.10168 and stop-loss 1.09850.
Short positions can be opened below the level of 1.09711 with the target at around 1.09558-1.09406 and stop-loss 1.09812.