28.09.202313:44 Forex Analysis & Reviews: Technical analysis on EURUSD for September 28th, 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Red lines- bearish channel

Yellow rectangle- expected area to bottom

EURUSD is trading around 1.0540 after making a new lower low earlier yesterday at 1.0488. In our previous analysis we confirmed that trend remains bearish as price continues making lower lows and lower highs inside the red downward sloping channel. With the RSI at oversold levels and price touching the lower channel boundary, we warned yesterday that we expect prices to bounce from inside the yellow rectangle. EURUSD is oversold in the near term and at least a bounce is justified. Our minimum bounce target is around 1.0680-1.0650. So far there is no trend change confirmation in the near term yet.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.