For Traders

Analytical Reviews

Technical analysis

23.09.201912:58 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 23, 2019

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.

Overview:

The EUR/USD pair faced resistance at the level of 1.1019, because the trend of EUR/USD pair movement was controversial as it took place in the downtrend channel.

Major resistance is seen at 1.1019. The EUR/USD pair is still moving around the key level at 1.1019, which represents a daily pivot in the H4 time frame at the moment.

Due to the previous events, the price is still traded between the levels of 1.1019 and 1.0927. So it is recommended to be careful while making deals in these levels because the prices of 1.1019 and 1.0927 are representing the resistance and support respectively.

The RSI indicator is still calling for a strong bearish market as well as the current price is also below the moving average 100 and 50. The trend is still calling for a strong bearish market from the spot of 1.1019.

Sell deals are recommended below the level of 1.1019 with the first target at 1.0927. If the trend breaks the support level of 1.0927, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0885 in order to test the daily support 2. Stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last top at 1.1070.

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.