Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis of EUR/USD for October 16, 2018

October 16, 2018 Analytics

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EUR/USD is in a short-term bullish trend. Price is now challenging short-term resistance at 1.16-1.1610. Breaking above it will open the way for a move towards 1.1670-1.1740. A rejection at current levels will push prices back towards 1.15 at least.

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Blue lines – pitchfork

Green line – RSI support

EUR/USD has made an important low at 1.1432 and is now trying to make a full scale reversal to the upside. I expect prices to move higher towards 1.17 but a break above 1.18 will make me raise my targets towards 1.19-1.20. In the short-term keep a close eye on the green RSI support trend line. As long as the RSI is above it we should continue higher. Breaking it will be a signal that a pull back is coming. Resistance at 1.1610 is key for the short-term. Breaking it will push prices towards 1.1660-1.1740 area. I continue to see pull backs as buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

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