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28.09.202109:39 Forex Analysis & Reviews: Technical Analysis of EUR/USD for September 28, 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 Market Outlook

The EUR/USD pair has been seen making lower lows and lower highs at the H4 time frame chart and the price keeps moving down under the trend line resistance The last low was made at the level of 1.1672 (at the time of writing the article). The nearest technical resistance is seen at the level of 1.1752 and despite the recent effort has not been violated yet. The next target for bears is seen at the level of 1.1665 and 1.1655. Please notice the negative momentum supports the short-term bearish outlook.

Weekly Pivot Points:

WR3 - 1.1826

WR2 - 1.1789

WR1 - 1.1756

Weekly Pivot - 1.1721

WS1 - 1.1685

WS2 - 1.1645

WS3 - 1.1615

Trading Outlook:

The market is in control by bears that might push the prices lower towards the key technical support located at 1.1599. There might be a bounce form this level, but the last rally out of the Falling Wedge pattern has failed anyway. The up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021) only if bullish cycle scenario is confirmed by breakout above the level of 1.1909 and 1.2000.

Exchange Rates 28.09.2021 analysis

Sebastian Seliga
Analytical expert of InstaForex
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