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

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

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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

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Original Post
10/12/15

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