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EUR/USD: technical analysis 14.10.2019

Current trend

EUR/USD is in the stage of downward correction after raising to the level of 1.10625. The first target of the correction is the level of 1.10029, which corresponds to the middle line of Bollinger Bands. Meanwhile, the level of 1.10168 mght be intermediate support during the plunge to correction target. There is a chance of an upward rebound from the area of 1.10029 , while its breakdown would allow the fall to continue to the level of 1.09863, which is the key target for the sellers.

Alternative scenario.
If the "bulls" manage to raise the rate above the level of 1.10474, the correction can continue to the area of 1.10625. The decisive break of this level is needed to indicate the upward trend resumption. In this case, the next targets of buyers will be the level of 1.10779-1.11084.
Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. MACD is slowly growing in the positive zone. Bollinger Bands are pointed upwards. However, as the Stochastic is in the oversold area, and the price has broken the upper border of Bollinger Bands, the downward correction is not excluded.

Support and resistance

Support levels: 1.10168, 1.10029, 1.09863.
Resistance levels: 1.10474, 1.10625, 1.10779, 1.11084.

Trading recommendations

Long positions can be opened above the level of 1.10474 with the target at around 1.10625-1.10779 and stop-loss 1.10374.
Short positions can be opened below the level of 1.10168 with the target at around 1.10029-1.09863 and stop-loss 1.10268.

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