FX.co ★ Technical Analysis of EUR/USD for October 18, 2021

Technical Market Outlook:

The EUR/USD pair had been rejected from the technical resistance seen at level of 1.1613, which is very close to the upper channel line. The series of some Pin Bars around this level is indicating as possible down move continuation towards the level of 1.1562 (intraday technical support), 1.1539 (technical support) or 1.1514 (the key short-term technical support).

On the other hand, the level of 1.1497 remains the key long-term technical support for bulls and any violation of this level will be seen as very negative for bulls. Please notice the market keeps trading inside of the descending channel, so the bears are still in control of the market.

Weekly Pivot Points:

WR3 - 1.1742

WR2 - 1.1684

WR1 - 1.1640

Weekly Pivot - 1.1582

WS1 - 1.1545

WS2 - 1.1479

WS3 - 1.1445

Trading Outlook:

The market is in control by bears that pushed the prices towards the level of 1.1562, which is the lowest level since November 2020. The next target for bears is seen at the level of 1.1497. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.