empty
 
 
21.09.2021 06:35 AM
Will the EUR/USD pair continue to decline?

This image is no longer relevant

The downward movement of the EUR/USD pair remains an impulse. Yesterday's stop of the fall was provoked by reaching a significant support zone, which was formed in August. If it is not broken, then we should wait for the formation of a medium-term flat.

The last daily candle formed a local accumulation zone. This indicates the presence of buy limit orders. The nearest resistance is the Weekly Control Zone 1/4 1.1748-1.1744. Testing this zone and forming a sell pattern will stop the growth. There is an 80% probability of updating the weekly low, so finding an entry sell point is the main strategy.

This image is no longer relevant

The situation will become harder if today's trading closes above the opening level of the Friday candlestick. The absorption pattern of the higher timeframe will be formed and the probability to further rise will increase to 80%. At the same time, trading in the downward direction will be completed this week.

It is worth noting that the Euro can act as a driver for all other instruments relative to the US dollar. Tracking the movement of the EUR/USD pair is important when trading all other major currencies.

Samanta Kruder,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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