FX.co - EUR/USD analysis for October 14, 2021 - Potential for downside rotation

14 October 2021 at 11:35AM (UTC+0)

Relevance until15 October 2021 at 11:35AM (UTC+0)

Technical analysis:

EUR/USD analysis for October 14, 2021 - Potential for downside rotation

EUR/USD has been trading upside but I see potential for the downside movement due to test of resistance at 1,1620.

Trading recommendation:

Downside trend is still active short-term and my advice is to watch for selling opportunities with the downside targets at 1,1590 and 1,1545.

Stochastic is showing bearish divergence and fresh bear cross, which is another sign and confirmation for the downside rotation.

Key resistance is set at 1,1620

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for October 14, 2021 - Potential for downside rotation