Technical analysis of EUR/USD for October 29, 2018
EUR/USD is challenging short-term resistance at 1.1420-1.1430. Price fell as low as 1.1335 last week and bounced back towards the 1.14 area. Trend remains bearish on a daily basis and we continue to see this upward move as a corrective bounce in a larger down trend.
Black dots – medium strength short-term resistance
Red dots – maximum strength short-term resistance
EUR/USD has resistance at 1.1420 and next at 1.1460. Support is at 1.1385 and next at 1.1335. Trend remains clearly bearish as price is making lower lows and lower highs. I continue to consider this bounce as part of a larger down trend that will eventually bring EUR/USD closer to 1.12. I favor this scenario as long as we trade below 1.1570-1.16.