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21.09.202116:12 Forex Analysis & Reviews: Technical analysis on EURUSD for Septmber 21, 2021.

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EURUSD is bouncing off the 78.6% Fibonacci retracement. Trend remains bearish as price continues making lower lows and lower highs. Price has formed a bearish channel and as long as price is inside it, we remain bearish.

Green lines - Fibonacci retracement levels

Black lines - bearish channel

Support is found at 1.17 while resistance by the channel boundary at 1.1770. Breaking above 1.1770 would be a bullish sign as price would have exited the bearish channel and would have made a higher low relative to the 1.1665 August low. Until then bears remain in control of the trend.

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