23.09.201912:58 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 23, 2019

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Overview:

The EUR/USD pair faced resistance at the level of 1.1019, because the trend of EUR/USD pair movement was controversial as it took place in the downtrend channel.

Major resistance is seen at 1.1019. The EUR/USD pair is still moving around the key level at 1.1019, which represents a daily pivot in the H4 time frame at the moment.

Due to the previous events, the price is still traded between the levels of 1.1019 and 1.0927. So it is recommended to be careful while making deals in these levels because the prices of 1.1019 and 1.0927 are representing the resistance and support respectively.

The RSI indicator is still calling for a strong bearish market as well as the current price is also below the moving average 100 and 50. The trend is still calling for a strong bearish market from the spot of 1.1019.

Sell deals are recommended below the level of 1.1019 with the first target at 1.0927. If the trend breaks the support level of 1.0927, the pair is likely to move downwards continuing the development of a bearish trend to the level 1.0885 in order to test the daily support 2. Stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last top at 1.1070.

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