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28.09.2020 05:59 PM
September 28, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.

Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1700 which failed to offer sufficient bearish pressure.

Bullish persistence above 1.1700-1.1760 favored further bullish advancement towards 1.1975 where some considerable bearish rejection has been demonstrated.

The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) stood as a strong SUPPLY-Zone to offer bearish reversal.

Intraday traders should have considered the recent bearish closure below 1.1700 - 1.1750 as this enhanced further bearish decline initially towards 1.1645 and probably 1.1600 if sufficient bearish pressure is maintained.

Trade recommendations :

Conservative traders should wait for any upcoming bullish pullback towards the recently-broken SUPPLY Zone around 1.1750 - 1.1770 as a signal for a valid SELL Entry.

T/P levels to be located around 1.1645 and 1.1600 while S/L to be placed above 1.1800 to minimize the associated risk.

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