FX.co ★ October 21, 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 in the first attempt.

Last week, temporary breakout above 1.1750 was demonstrated as an indicator for a possible bullish continuation towards 1.1880 where the upper limit of the movement channel comes to meet the pair. However, temporary downside pressure pushed the pair towards 1.1700 before the current bullish spike was demonstrated.

Currently, the price zone around 1.1880-1.1900 constitutes a Prominent Key-Zone as it corresponds to the backside of the depicted brokenbullish channel.

The current Bullish breakout above 1.1780 has enabled upside movement towards the price levels around 1.1880-1.1900 where bearish pressure and a valid SELL Entry should be anticipated.

Initial bearish target would be located around 1.1780.