Technical Analysis of EUR/USD for September 23, 2020

Technical Analysis of EUR/USD for September 23, 2020

Technical Market Outlook:

The bearish pressure had intensified on the EUR/USD pair as a new local low had been made at the level of 1.1672 already and the bears are willing to continue the down wave. The levels of 1.1697 and 1.1710 will now act as an intraday technical resistance for the price. The nearest technical support is seen at the level of 1.1655 – 1.1648 zone. The momentum remains weak and negative, so another wave down is anticipated. The weekly time frame trend remains up, but the up trend is very close to be terminated.

Weekly Pivot Points:

WR3 – 1.2077

WR2 – 1.1988

WR1 – 1.1919

Weekly Pivot – 1.1829

WS1 – 1.1748

WS2 -1.1662

WS3 – 1.1583

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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