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17.09.2018 09:01 AM
Technical analysis of EUR/USD for September 17, 2018

EUR/USD has pulled back towards its support at 1.16-1.1630. EUR/USD is most probably back testing the break out area and should bounce from current levels. I'm bullish as long as we trade above 1.16.

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Red line - broken resistance

Dark blue line - short-term support

Green line- Medium-term support

Blue dots - medium strength support

Orange dots - medium strength resistance

EUR/USD should bounce from current levels. I'm bullish here. I expect EUR/USD to move to new highs and break above the double top at 1.1720-1.1740 area for a move towards 1.19. The bearish Head and shoulders pattern has been canceled as price has moved above the right hand shoulder. However a break below 1.1520-1.15 will open the way for a move towards 1.14-1.1350.

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