EURUSD London briefing — 2026-10-20

BIAS BULLISH. Daily structure, H4 EMA, and H1 EMA combined with bullish H4 fair value gaps drive upside conviction despite bearish H1 FVGs. KEY LEVELS R: 1.125, 1.13, 1.1451 | S: 1.12, 1.115, 1.1114 NEWS 🟡 EUR Current Account n.s.a & s.a (08:00 UTC) 🟡 EUR Construction Output s.a MoM (09:00 UTC) SESSION OUTLOOK Low-impact data risks minor consolidation around 1.1231. Watch H4 FVG zones for continuation; H1 bearish gaps may cap intraday rallies near 1.125.

Key Levels

R: 1.12500 · 1.13000 · 1.14510

S: 1.12000 · 1.11500 · 1.11140