FX.co ★ Technical analysis of EUR/USD for October 28, 2019

Overview:

The EUR/USD pair is still form an ascending impulse, it continues to rise upwards. The major support is seen at 1.1073 which coincides with the daily double bottom.

According to the main scenario, it may start forming correctional structures. Today, we foresee the price to move towards the level of 1.1139 and then reach a new maximum again around the price of 1.1180.

Please, note that the strong resistance stands at the level of 1.1180. If the price breaks the level of 1.1180, we expect potential testing of 1.1204 in coming days.

The current ascending structure implies that the market may reach the level of 1204. In this area, the trend is challenging a major resistance level.

The bullish trend is still expected for the upcoming hours as long as the price is above 1.1073 levels. Moreover, the RSI indicator is pointing to the upside on the one-hour chart.

The ascending impulse is strong enough to buy above the support of 1.1073. Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 1.1073 with the targets at 1.1139, 1.1180 and 1.1204.

Hence, it is recommended to place take profit at the price of 1.1204 as the importance target this week.

On the contrary, stop loss should be placed at the price of 1.1040 (below the daily support 2).