28.09.202017:59 September 28, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Exchange Rates 28.09.2020 analysis

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.

*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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