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26.09.202210:01 Forex Analysis & Reviews: EUR/USD: 0.9700 psychological level retested

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EUR/USD Strong Bounce Back!

The EUR/USD pair rebounded and recovered after its massive drop. It was trading at 0.9685 at the time of writing that is far above today's low of 0.9567. Technically, the temporary growth was natural after a strong downside movement.

It could reach, test, and retest the near-term upside obstacles before dropping again. The current growth could help sellers to catch a new drop. As you can see on the H1 chart, the price has almost reached the 0.9700 psychological level and the channel's downside line, which represents near-term upside obstacles.

EUR/USD Trading Conclusion!

As long as it stays under the channel's downside line and below 0.9700, EUR/USD could drop again. Only jumping and stabilizing above these obstacles may signal larger growth in the short term.

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