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23.09.201607:25 Forex Analysis & Reviews: EURUSD Technical Analysis for September 23, 2016.

Long-term review

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Technical outlook and chart setups:

The EUR/USD pair extended its counter trend rally towards 1.1250/60 levels yesterday before reversing lower again. It is seen to be trading at 1.1198 levels, looking to produce a lower high at 11220/30 levels today before again resuming lower. Please note that the pair has turned bearish from fibonacci 0.786 resistance levels of the earlier drop and also the trend line resistance. Furthermore, the pair has also produced an evening star, indicating a potential reversal. The wave structure indicates that a bearish resumption here is a strong probability that has potential to push lower towards fresh swing lows. It is hence recommended to remain short now, with risk at 1.1280 levels. Immediate resistance is seen at 1.1283 levels, while support is seen at 1.1120 levels respectively.

Trading recommendations:

Remain short now, stop is at 1.1280, a target is open.

Good luck!

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