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22.09.202108:09 Forex Analysis & Reviews: EURUSD holding below descending trendline resistance! Further drop upcoming!

Exchange Rates 22.09.2021 analysis

EURUSD holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a further push down to our 1st support at 1.16645 could be possible.

Trading Recommendation

Entry: 1.17490

Reason for Entry:

23.6% Fibonacci retracement, 61.8% Fibonacci retracement and descending trendline resistance

Take Profit: 1.16645

Reason for Take Profit:

100% Fibonacci retracement, 161.8% Fibonacci expansion and swing low support

Stop Loss: 1.17800

Reason for Stop Loss:

38.2% Fibonacci retracement, 100% Fibonacci expansion and 200MA

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
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