Facebook
 
 

18.09.201808:40 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 18, 2018

Long-term review

EUR/USD has managed to push above 1.17 as expected. We have been calling this pull back to 1.1620 as a back test of the break out and the bounce back to 1.17 confirms this bullish view. Now EUR/USD faces big medium-term resistance ahead, critical for an extended rise to 1.19-1.20 or a full-scale reversal to 1.14.

Exchange Rates 18.09.2018 analysis

Blue line - short-term support

Light blue dots - medium strength support

Dark blue dots -maximum strength support

Green line - major support

EUR/USD is back at its highs and I see a bullish pattern about to break to the upside. Major resistance as we said in previous analysis is found at 1.1720-1.1730 area. A break and close above this area will open the way for a move towards 1.19. A rejection at current levels and a break below 1.1640-1.1620 will open the way for a test of the 1.1520 major support. As I have been saying before, I remain bullish about EUR/USD as long as we trade above 1.16.

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

Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.