For Traders

Analytical Reviews

Trading plan

15.09.202112:17 Forex Analysis & Reviews: Trading plan for EURUSD for September 15, 2021

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.

Technical outlook:

EURUSD found support at 1.1800 on Tuesday and pulled back to 1.1830 in the past hour. The currency pair is trading within a range between 1.1770 and 1.1850 since early this week and need to break on either side to confirm the next move. It is still possible for bears to drag through 1.1750-60 mark before resuming its rally.

Structurally, EURUSD is within a counter trend rally towards 1.2050 levels and it has carved its first wave between 1.1660 and 1.1900 in August. Since then it has been retracing as bears take control for a while. The retracement is either complete at 1.1770 or could terminate around 1.1750-60 zone. The pair is expected to push through 1.2050 mark thereafter.

EURUSD is facing immediate resistance at 1.1908, while support is seen around 1.1660 levels respectively. High probability remain for a rally to resume towards 1.2050 soon. Also note that 1.2050 is Fibonacci 0.618 retracement of earlier drop betwn 1.2266 and 1.1660 respectively. Bears are looking poised to be back in control thereafter.

Trading plan:

Potential rally towards 1.2050 against 1.1660.

Good luck!

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.