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04.09.201809:43 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 4, 2018

Long-term review

EUR/USD reversed back below 1.16 breaking below short-term support at 1.1590. Trend remains bearish as we expected and as long as we are inside the Kumo (cloud) prices are vulnerable to the downside.

Exchange Rates 04.09.2018 analysis

EUR/USD is approaching the 38% Fibonacci retracement support. The entire correction could stop there. Bears should be very cautious in case support holds here. If not we should then focus on the next Fibonacci level at 1.1515 (50% Fibo not shown above). As long as price is below 1.1630 trend is bearish at least for the short-term. The rejection at 1.17 confirms the importance of the resistance in that area. If this level is broken upwards a bigger bounce maybe towards 1.19-1.20 will come. Until then trend is bearish.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
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