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EUR USD Technical Analysis 16 October 2020

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EUR USD Technical Analysis 16 October 2020

EUR USD Technical Analysis: The EUR declined 0.32% against the USD on Thursday and closed at 1.1707. Today in the Asian session, while EUR USD technical Analysis 16 October 2020 is preparing at 4:45 GMT, the pair is trading at 1.1715, which is 0.07% higher from yesterday’s closed.

The pair is expected to find support at 1.1690 and a fall through could take it to the next support level of 1.1675. The pair is expected to find its first resistance at 1.1720, and a rise through could take it to the next resistance level of 1.1730. Today’s expected trading range is between 1.1650 support and 1.1745 resistance.

The expected trend for today is Bearish

Important support levels:

Support 1: 1.1690
Support 2: 1.1675
Support 3: 1.1650

Important Important resistance levels:

Resistance 1: 1.1720
Resistance 2: 1.1730
Resistance 3: 1.1745

EUR/USD buying opportunity for intraday trading on October 16, 2020

Buy near the support zones 1.1690 and 1.16775 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.

EUR/USD selling opportunity for intraday trading on October 16, 2020

Sell near the resistance zones 1.1720 and 1.1730 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.

Economic events to watch for the next 24 hours: Trade Balance (EUR), Retail Sales m/m (USD), Core Retail Sales m/m (USD), Fed Industrial Production m/m (USD), ECB Michigan Consumer Expectations (USD).

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