28.09.202017:53 September 28, 2020 : EUR/USD daily technical review and trade recommendations.

Exchange Rates 28.09.2020 analysis

The EUR/USD pair has been moving sideways within the depicted expanding channel since August 3.

Previously, a temporary resistance level was formed around 1.1900 which prevented further upside movement and forced the pair to have a downside pause for sometime.

By the end of August, the EURUSD pair has achieved another breakout above the previously mentioned resistance zone.

However, Significant SELLING pressure was applied around 1.2000 where the upper limit of the movement pattern came to meet the pair.

That's why, the EUR/USD pair has demonstrated a quick bearish decline towards 1.1800 then 1.1770-1.1750 which failed to offer sufficient Support for the EUR/USD.

Earlier Last week, a breakout to the downside was executed below the price level of 1.1750 (Lower limit of the depicted movement pattern). Hence intraday technical outlook has turned into bearish.

Intraday traders should be waiting for any pullback to the upside towards the recently-broken key-zone (1.1750-1.1770) for a valid SELL Entry Provided that the recent SUPPORT level around 1.1630 prevents any further decline.

On the other hand, a breakout above 1.1820 (Exit Level) will probably enable further upside movement towards 1.1860-1.1900.

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

Performed by Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2020
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