FX.co - EUR/USD analysis for October 20, 2021 - Overbought condiiton and potential for the downside rotation

2021-10-20T14:43:54

Relevance until2021-10-21

Technical analysis:

EUR/USD analysis for October 20, 2021 - Overbought condiiton and potential for the downside rotation

EEUR/USD has been trading upside in last few hours but I see overbought condition and potential for the price to rotation downside.

Trading recommendation:

Due to flat condition on the EUR in last few days, I see potential for the downside movement due to overbought condition.

Watch for selling opportunities with the downside objectives at 1,1620 and 1,1610

Stochastic is showing overbought condition

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for October 20, 2021 - Overbought condiiton and potential for the downside rotation