Spotlight On EURUSD 18th October 2021

By Leon Bale of AAAtrade.com

Oct 18, 2021 at 10:56 AM EDT

The latest daily technical analysis reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.

Spotlight on EURUSD. The latest daily technical analysis reveals the key support and resistance levels that each of these assets is likely to reach today. Look at the charts and our market analysts’ observations below and gain a fresh perspective on trading.

EURUSD

Looking at the EURUSD 4-hour chart, we can see the month-long downtrend starts to show signs of a slowdown, as the support level of 1.153 was tested twice for a breakdown but held strong, managed to bounce upwards towards the 1.16 price range, having an attempt consolidating in that price range, failing however to hold on and ends up retracting and falling near its support level of 1.156. It is currently traded at that 1.157 price level, between support of 1.156 and overhead resistance of 1.159.

Today we could expect an attempt to climb back up at the previous level of 1.16 or consolidation at the current range, above the 1.157 support.

If however, it does not manage to hold its current level then a case for a move towards the 1.156 and below support level could be expected.

Daily Technical Analysis

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