EURUSD ~ Zones of Support and Resistance Update 10/22/15

FX:EURUSD   Euro Fx/U.S. Dollar
208 0 0
Update: 10/22/15

Ignoring all news

The EURUSD             has reached the First Zone of Support (1.1158 to 1.1085) with added support from the long term rising channel . Leading to a possible continuation of the long term and/or intermediate term channel. Until there is a confirmed breakout of the channel, the bias is to the long side.

Update 10/20/15 - Chart cleared of previous indicators for Clarity

Opinion: Short Term Bearish , Long Term Bullish
The EURUSD             is trading at the 1st Zone of Resistance (1.136 to 1.139). The pennant formation has been changed to reflect the breakout attempt on 10/14/15.

An intermediate term channel has formed within the larger channel suggesting that the EURUSD             is still bullish .

Possible Trade Setup:
Buy Zone
1st: 1.1158 to 1.1085

Stop Zone
2nd: Minor Support at 1.013

Target Zone
1st: 1.136 to 1.139
2nd: 1.147 to 1.149
3rd: 1.171

Update: 10/19/15

The EURUSD             attempted to breakout on 10/14/15 but was rejected at the 2nd Zone of Resistance (1.147 to 1.149) and has now returned within the bounds of the pennant .

The bottom support line of the pennant and the bullish channel is within the 1st Zone of Support, which may offer strong support.

There is also a possibility that support will be found at the 50% mark (1.12587) on the (Red) Fibonacci Line

Original Post

Divergence of the MACD and the Bullish Channel suggests there may be a continued bullish move for the EURUSD             . I offer the following expected Zones of Support and Resistance once a breakout occurs.

Zone of Support
1st: 1.1158 to 1.1085
2nd: Minor Support at 1.013
3rd: 1.084 to 1.080

Zone of Resistance
1st: 1.136 to 1.139
2nd: 1.147 to 1.149
3rd: 1.171
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