Eurusd october 17th 2018 analysis
Even though EURUSD was able to hit more than $ 1.16, it could not cross $ 1,1621 a day, without any significant changes. The Rand rate is $ 1.16 at the rebound of October and September at 1 1604 and 1 1595. With yesterday’s bullish uptrend, it could be expected that the market would rebound at a quarter-dollar benchmark of $ 1,543. This support is consistent with the 38.2% Fibonacci retracement at 1.550 and the EURUSD purchase deal could be considered as supporting this support. Also, it should be noted that the RSI indicates a divergence below the saturation range of purchases. From a high-profile graph, the weekly demand region of 1.14545-1.1812 is back in the spotlight of the market. This demand zone was able to withstand sales pressures in two weeks.
The supportive area on the day of 1 1583-1. 1479 still retains its position. The history of this support area will return to October 2017. The next goal of the EURUSD daily chart is the support area at $ 1,1723, which is consistent with a weekly resistance and a resistance of $ 1,173. Traders should also be aware that yesterday’s price movements triggered a daily downtrend penny.
Price action strategy
Half-hour support at 1/1543 and correction of 38.2% Fibonacci at 1.550 may be appropriate for a EURUSD upward swing to $ 1.16. It is recommended that you wait until the 4-hour upturn candle is ready before entering the EURUSD purchase deal. If the EURUSD can cross $ 1.16, it will face a lot of resistance. The supply range of 1651-1. 1633 and resistance 1, 1653 can be troublesome for EURUSD buyers. Also, at the top of the four-hour supply zone, the reopening rates for August and July were set at 1686 and 1675.
It is recommended that you do not enter into the EURUSD purchase deal above $ 1.16. Due to the near resistance of $ 1.16 above the risk ratio to Riviera, the EURUSD purchase deal will not be logical.