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10.09.201914:54 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 10, 2019

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Overview:

EUR/USD:

The market is still indicating a strong bullish trend from the area of 1.1017. So, support is seen at the 1.1017 level for that this support has rejected two times confirming the validity of an uptrend. The bullish trend is still expected for the upcoming days as long as the price is above 1.1017. The EUR/USD pair reached a new maximmum at the price of 1.1030/1.1045. So, today the price may reach one more maximmum around the spot of 1.1073, which coincides with the ratio of 61.8% Fibonacci retracement levels. Today, the EUR/USD pair is challenging the psychological resistance at 1.1045. The EUR/USD pair will probably go up because an upward trend is still strong and the RSI is still signaling that the trend is upward. The breakthrough of 1.1045 will allow the pair to go further up to the levels of 1.1073 and 1.1112. As a result, it is gainful to buy above this price of 1.1017 with targets at 1.1073 and 1.1112.

Stop loss:

So, becareful when buying EUR/USD at this stage and watch for potential selling opportunities. If the price breaks the level of 1.1003, we may expect potential testing of 1.0950. The stop loss should be placed below the low reached near support 3 (1.0919).

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