EURUSD analysis for 16.10.2020
Consumer Price Index is going to be released in Eurozone but the result does not seem to be supportive.
The support rests at 1.16920 with resistance at 1.17280 which both lines are below the weekly pivot point at 1.17890. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is growing towards level 50, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is showing sell signal.
The bearish pressure remains within the Andrew’s Pitchfork. Sellers can target 1.16700. The resistance level breakout will push the price up towards 1.17800.