The EURUSD faces solid support – Analysis - 29-10-2020

The EURUSD pair found solid support at 1.1720 barrier, as the strong decline stopped there and the price begins recovery attempts and building a bullish wave, but we notice that the EMA50 forms negative pressure against the price, to stand in the way of the mission to rise, while the price faces negative pressure affected by the previously completed double top pattern that its signs appear on the chart.

Therefore, the contradiction between the technical factors makes us prefer staying aside until we get clearer signal for the next trend, which we will get through breaking 1.1720 support or breaching 1.1785 resistance, noting that breaking the mentioned support will press on the price to achieve more bearish correction and head towards 1.1540 as a next negative target, while breaching the resistance will release the price from the negative pressure and push the pair to resume the main bullish trend again, targeting 1.1900 initially.

The expected trading range for today is between 1.1650 support and 1.1850 resistance.

The expected trend for today: Neutral