Although we are certainly not sure what may happen upon the open the forex markets this week, as a result of Trump's recent contraction of COVID-19, we can make a comment on the technical set up in this currency pair as it is currently in the midst of a convincing confluence zone.
As a result of the break out from the strong descending daily trend line on the 22nd Sept our view on this pair is still bullish until a lower low forms. After the strong bullish move, price has now pulled back to the support zone at 0.9150. Price is now at the cross point between the support zone, retest of daily descending trend line and a newly formed 4H trend line. We are expecting another bullish impulse back up to 0.9270.
If price closes below the zone of support at 0.9150, this analysis would be invalid.
As a result of the break out from the strong descending daily trend line on the 22nd Sept our view on this pair is still bullish until a lower low forms. After the strong bullish move, price has now pulled back to the support zone at 0.9150. Price is now at the cross point between the support zone, retest of daily descending trend line and a newly formed 4H trend line. We are expecting another bullish impulse back up to 0.9270.
If price closes below the zone of support at 0.9150, this analysis would be invalid.