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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of EUR/USD for October 20, 2026.
Technical Analysis of EUR/USD
EUR/USD Daily Chart Insight
(EUR/USD Daily Chart, Source: Ultima Markets MT5)
EUR/USD remains under bearish pressure on the daily chart, following a sustained decline that has pushed the pair toward its recent October lows. Although prices have attempted a modest recovery from the 1.1147 region, the broader structure continues to favour sellers. The pair remains below the declining red 16-period moving average (MA16), while the purple 50-period moving average (MA50) and blue 100-period moving average (MA100) are both trending downward well above current prices, reinforcing the prevailing bearish alignment.
RSI has recovered slightly to 38.12 but remains below the neutral 50 level, suggesting that buying momentum is still limited. The immediate focus remains on whether EUR/USD can reclaim the 1.1232–1.1274 resistance zone, while failure to sustain the recovery could expose the recent lows to renewed selling pressure.
Key Levels:
Support 1 (1.1189): Immediate support near the recent consolidation area, where buyers have attempted to stabilise prices following the latest decline.
Support 2 (1.1147): A key support region around the recent October swing lows, where buying interest previously emerged.
Resistance 1 (1.1232–1.1274): Immediate resistance encompassing the declining red MA16 and recent rebound highs, which could limit further upside attempts.
Resistance 2 (1.1444–1.1487): A broader resistance region near the declining purple MA50 and blue MA100, reinforcing the longer-term bearish structure.
EUR/USD 2-Hour Chart Analysis
(EUR/USD 2-Hour Chart, Source: Ultima Markets MT5)
EUR/USD is displaying a consolidating bias on the 2-hour chart after recovering from the October 14 lows and subsequently encountering resistance around 1.1259–1.1274. The recent pullback has brought prices below the red 16-period moving average (MA16), which has started to flatten and turn slightly lower, indicating fading short-term buying momentum. However, the pair continues to trade above the gently rising purple 50-period moving average (MA50) and the flattening blue 100-period moving average (MA100), suggesting that the recent recovery structure has not yet been completely invalidated.
Meanwhile, the RSI stands at 48.94, reflecting relatively balanced momentum with a slight bearish tilt. With prices consolidating around 1.1215, a decisive breakout from the nearby resistance or moving-average support could determine whether buyers regain control or a deeper correction develops.
Breakout Scenarios:
Bullish continuation is a possible scenario, triggered by a decisive break and hold above 1.1244. This could encourage another test of the 1.1259–1.1274 resistance zone, where previous buying attempts encountered selling pressure.
Bearish correction is a possible scenario, triggered by a failure to hold the 1.1199 support region, where the purple MA50 and blue MA100 converge. A sustained breakdown could expose the next support near 1.1184, followed by the previous swing-low region around 1.1154.
EUR/USD is currently trading around 1.1212 on the 30-minute chart, remaining below the key pivot resistance at 1.1243 and maintaining a bearish intraday bias. Price action has moved into a relatively narrow consolidation range following the earlier rejection from higher levels, indicating that downside pressure persists despite slowing momentum.
The RSI stands at 46.76, slightly below the neutral 50 threshold, suggesting a modest bearish advantage without strong selling momentum. Meanwhile, the MACD is hovering near the zero line, with its lines showing limited separation, reflecting subdued directional strength. Unless buyers can reclaim the 1.1243 pivot, the technical structure continues to favour a potential move toward the lower support levels.
Breakout Scenarios:
Bearish Breakdown: As long as EUR/USD remains below the 1.1243 pivot resistance, the bearish preference remains intact, with the first downside target at 1.1187, followed by 1.1175. A sustained RSI reading below 50, accompanied by a bearish MACD crossover and movement further below the zero line, would strengthen confirmation of renewed selling pressure.
Bullish Reversal: A decisive breakout and sustained move above 1.1243 would weaken the immediate bearish outlook, opening the way toward the first upside target at 1.1263, followed by 1.1276. Stronger bullish confirmation would require the RSI to recover above 50 alongside a bullish MACD crossover and improving positive momentum.
Disclaimer Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
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