- The Euro is ending the month of October near its highs, printing the largest monthly bar since January 2018.
- The bear trend remains intact as long as it stays below the 1.1414 swing high.
EUR/USD monthly chart
This month the Euro is recording its biggest monthly advance since January 2018. The market is trading in a bear channel and is challenging the upper trendline.
However, to have a change of trend, the market would need to start making higher highs. The first objective for bulls would be to break the last swing high, which is at the 1.1414 level.
If the market keeps doing what it has been doing in the last 21 months, the bear trend remains intact. The first objective for bears is the current 2019 low at 1.0879, followed by 1.0560 and the multi-year low at the 1.0340 level.
Additional key levels