Forex

The EURUSD faces solid support – Analysis - 27-10-2020

2020-10-27 03:59:40 GMT (Economies.com)

The EURUSD pair could not manage to surpass the EMA50 that formed solid support base against the price, to start providing positive trades now, and by taking a deeper look at the chart, we find that the recent trades are confined inside a bullish pennant pattern that supports the chances of resuming the main bullish trend, especially that stochastic provides positive signals now.

 

Therefore, the mentioned factors encourage us to suggest stopping the negative scenario and turning to rise again, to start the positive targets at 1.1900 and extend to 1.2011, taking into consideration that breaking 1.1805 will stop the expected rise and press on the price to test 1.1720 before any new attempt to rise.

 

The expected trading range for today is between 1.1750 support and 1.1920 resistance.

 

The expected trend for today: Bullish

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