EURUSD could face resistance near 1.1800

20 October 2020

EURUSD has risen on Monday and is approaching its resistance of the downward sloping trend line indicating overhead resistance. Further the high made on 1st September remains protected till date and the pair continues to trade below it, suggesting the near term trend being weak. Though EURUSD ended in a small bullish candlestick formation on Monday, it has a significant upper wick indicating lack of buying interest. In the short term hourly charts also there are indications of an impending correction, we could see the pair correcting towards 1.1755 & 1.1735 in the near term, while it sustains below 1.1800.

Prepared by
Technical Analysis Team

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