EUR/USD: TECHNICAL ANALYSIS 30.10.2019Published: 30 October 2019
Today EUR/USD quotes consolidating around the support level 1.11084 due to relative calmness of the market.
To resume the upward movement, EUR/USD should break the resistance 1.11221.
Pair’s sustained trading beyond this level will give the prospect of growth to the levels of 1.11389-1.11532.
If the sellers manage to decline the rate below the level of 1.10950 (middle line of Bollinger bands), the decline can continue to the area of 1.10779. The area of 1.10779 seems a key support level. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.10474.
The technical picture is mixed. Bollinger Bands are pointed sideways. MACD volumes are decreasing in the negative zone. Stochastic is in the overbought zone and is pointed sideways.
Support and resistance
Support levels: 1.11084, 1.10779, 1.10474.
Resistance levels: 1.11221, 1.11389, 1.11532.
Short positions can be opened below the level of 1.10950 with the target at around 1.10779-1.10648 and stop-loss 1.11050.
Long positions can be opened above the level of 1.11221 with the target at around 1.11389-1.11532 and stop-loss 1.11117.