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23.09.202116:27 Forex Analysis & Reviews: EURUSD bulls challenge short-term resistance.

EURUSD despite making marginal new lower lows today, price has reversed back above 1.17 towards the upper channel boundary. Price remains trapped inside a downward sloping bearish channel and resistance by the channel is at 1.1755.

Exchange Rates 23.09.2021 analysis

Black lines - bearish channel

Green rectangle- horizontal resistance

EURUSD is challenging the channel boundaries and the horizontal resistance around 1.1750. So far price tested the 1.1750 level twice and both times price moved lower. Breaking above the 1.1750 would be an important reversal signal as price would exit the bearish channel and would also break the horizontal resistance. A rejection at current levels would be a bearish signal, implying that a new low should be expected. Trend remains bearish.

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

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021
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