EURUSD October 24 OutlookEURUSD October 24 outlook
Let's analyze what will happen on EURUSD, especially on this week. As we can see this pair still in down trend, maybe buy is not a good option trade. If you wanna buy in this pair, use a stoploss and open at right support level.
There is two major forex pattern in EURUSD, channel down pattern and descending triangle pattern. At channel down, as long as this pattern not break up, Sell and take profit inside this area will be best option, keep short position on EURUSD, and wait for another short change.
Descending triangle pattern are very important to find where is the strong support, and intraday bullish possibility. Ad if the support break down, short position will be save heaven for all., because EUR/USD will enter the zero-G freefall to 1.000. and its very suitable for swing trader. But breaking the major support its not easy, as we can see 1.0820 are may 27 strong support level, and also strong support at july 21 and march 29. So to break down this support need a strong fundamental news event.
Move to resistance level, in EURUSD there are two strong resistance for this week, June 23 and july 22 support will become strong resistance, August 05 and last week resistance also a good resistance for this week. So we get our resistance level at :
Resistance 1 : 1.0950
Resistance 2 : 1.1040
So this week support resistance already clear. If you are in short position, best TP at support level, and if you are in long position, best TP at resistance.
Best opening position for this week base on fibbonaci pattern.
If the price bounce up, wait for sell entry at .618 and take profit at 1.414
