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EUR/USD: Technical analysis

EUR / USD recovered from 1.09 to 1.1150 in October. The pair is making a serious test of the resistance from the peak of 2018. Still, there are many more barriers to the rise: the 50-MAh of the weekly chart at 1.1230, the 50-MAof the monthly high of 1.1320, the 200 MA of the weekly high of 1.1355. It lacks the fundamental strength of the euro and for this reason, a lasting recovery seems a difficult task for the time being. The support lies at 1.1070 (bottom as of October 25) and 1.1040 (50 MA on daily chart)

I expect a new phase of short-term rise to levels of multiple horizontal and diagonal resistances (about 1.1206 – 30). From there, after confirming the price action signal, the main downward movement will continue


 Trader Aleksandar Kumanov


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