FX.co ★ EUR/USD for October 08,2019 - Bearish flag on the daily, sell zone in place

EUR/USD has been trading downwards today. The price tested the level of 1.0950. I see potential more downside on the EUR/USD due to rejection of the 20SMA on the daily time-frame.

Green lines – Downward sloping Bollinger channel

Purple falling line – Expected path

Yellow Rectangle- Support zone

My advice is to watch for selling opportunities on the EUR/USD since it is still in the downtrend channel and most recently,I found successful test of the 20SMA. Downward target is set at the price of 1.0890 ( last week low). In my opinion, it is bearish flag on daily time-frame, which may result new new move downward.