Technical Updates

October 19 2021

EURUSD

EURUSD 10 pip chart

EURUSD has found some strong support at 1.1520, in doing so it has led to short covering and a retest of resistance at 1.1630/40 this morning.

If the EURUSD can maintain its momentum then we will likely see an attempt at 1.1680/1.1700 and possibly 1.1760 in extension.

Should the EUR lose its upside momentum and fail, immediate support is now found at 1.1580. A break here will lead to a re-test of the 1.1540/20 low.

GBPUSD

GBPUSD 10 Pip Chart

GBPUSD has already failed once to break resistance at 1.3780/1.3800 and saw a subsequent pullback to 1.3710.

This morning the GBP is attempting to re-test the highs, where a break would see a run up to 1.3840 and possibly 1.3880/1.3900 in extension.

However, a failure to break 1.3800 would likely see us back down at 1.3710/1.3690, should we break down from this level ,the next support will be found at 1.3640/20.

USDJPY

USDJPY 10 pip

114.50 has provided strong resistance, while it continues to hold, the risk is for some corrective moves to the downside.

The first area of support is at 113.90/113.70 which if broken could see further downside probes to stronger support at 113.40/20

On the upside should a break of 114.50 happen, we would see a run up to 114.80 and resistance at 115.00

Good Luck

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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