Support & Resistance

Indicator analysis of EUR/USD on October 31, 2022

Trend analysis (Fig. 1).

On Monday, the downtrend may extend from 0.9964 (closing of Friday’s daily candlestick) to 0.9900, in line with the 13-period EMA (yellow thin line). The price may test the mark and go up to 0.9944, in line with the 61.8% retracement level (blue dotted line). Should the quote test this level, the uptrend may extend.

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Fig. 1 (daily chart).

Complex analysis:

– indicator analysis – down;

– Fibonacci levels – down;

– volumes – down;

– candlestick analysis – down;

– trend analysis – up;

– Bollinger bands – up;

– weekly chart – down.

Final thoughts:

Today, the downtrend may extend from 0.9964 (closing of Friday’s daily candlestick) to 0.9900, in line with the 13-period EMA (yellow thin line). The price may test the mark and go up to 0.9944, in line with the 61.8% retracement level (blue dotted line). Should the quote test this level, the uptrend may extend.

Alternative scenario: the price may go down from 0.9864 (closing of Friday’s daily candlestick) to 0.9880, in line with the 38.2% retracement level (red dotted line). The quote may test the level and rise to 0.9944, in line with the 61.8% retracement level (blue dotted line).

The material has been provided by InstaForex Company – www.instaforex.com


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