FX.co ★ October 12, 2020 : EUR/USD daily technical review and trade recommendations.

On September 25, The EURUSD pair has failed to maintain enough bearish momentum to enhance further bearish decline.

Instead, recent ascending movement has been established within the depicted movement channel leading to bullish advancement towards 1.1750-1.1780 which failed to offer sufficient bearish pressure.

Intraday traders should have noticed the recent breakout above 1.1750 as an indicator for a possible bullish continuation towards 1.1880 where the upper limit of the movement channel comes to meet the pair.

Hence, the price level around 1.1880 remains a targeted level for Intraday Traders as long as bullish persistence above the depicted KeyZone of 1.1750-1.1780 is maintained.

Any downside pullback towards 1.1750-1.1780 should be considered for bullish reversal hence, a valid Intraday BUY Entry.

Trade recommendations :

Conservative traders should wait for the current bullish pullback to pursue towards the upper limit of the movement channel around 1.1880-1.1900 for a valid SELL Entry.