Technical analysis

18 October 2021

12:28 EUR/USD is still testing the MA 200 H1 resistance

On Friday, the EUR/USD traded in different directions in the range of $1.1590-$1.1615 and closed the day without significant changes. Today it dropped slightly, dropping to $1.1585. On the hourly chart, EUR/USD continues to test the resistance - the moving average MA (200) H1 ($1.1570). On the four-hour chart, the EUR/USD remains below the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the south direction in trading and while the EUR/USD remains below MA 200 H1, it may be necessary to look for a sell entry point at the end of the correction.

  • Resistances levels are at: $1.1615-25, $1.1640, $1.1670

  • Support levels are at: $1.1570, $1.1525-35, $​​1.1505

Probably, the main scenario is the continuation of the decline to $1.1570 (low of the American session on Oct 13). An alternative scenario is a final consolidation above the MA 200 H1, followed by a rise to $1.1750 (Sep 23 high).

18 October 2021, 12:29

GBP/USD is trading above MA 200 H1

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