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20.09.202114:49 Forex Analysis & Reviews: Technical analysis on EURUSD for Septmber 20, 2021.

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EURUSD is in a bearish trend. Price is trading just above 1.17 and has already broken below key Fibonacci retracement support level of 61.8%. Price is making lower lows and lower highs. The RSI is making new lows and has not provided us with a bullish reversal signal.

Green lines - Fibonacci retracement levels

Usually when we see price retrace more than the 61.8% level, then this is not good news for bulls. If price breaks even below the 78.6% retracement, then the chances for an upward reversal decrease dramatically. Although price may bounce towards 1.1750, I believe any bounce should be considered a selling opportunity. Bears in full control of the trend.

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