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18.09.202016:18 Forex Analysis & Reviews: September 18, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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.

Exchange Rates 18.09.2020 analysis

The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.

Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1700 which failed to offer sufficient bearish pressure.

Bullish persistence above 1.1700-1.1760 favored further bullish advancement towards 1.1975 where some considerable bearish rejection has been demonstrated.

The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) remains a strong SUPPLY-Zone to be watched for bearish reversal.

However, Conservative traders should be waiting for bearish closure below 1.1700 - 1.1750. As this indicates lack of bullish momentum and enhances further bearish decline initially towards 1.1645 and 1.1600.

Trade recommendations :

Conservative traders should wait for the current bullish movement to get back below 1.1750 as an indicator for lack of bearish momentum for a valid SELL Entry.

T/P levels to be located around 1.1645, 1.1600 and 1.1500 while S/L to be placed above 1.1860 to minimize the associated risk.

Mohamed Samy
Analytical expert of InstaForex
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