22.09.2023 09:40 AM
Technical Analysis of EUR/USD for September 22, 2023

Technical Market Outlook:

The EUR/USD pair has made a new swing low at the level of 1.0618, but the bulls are trying to bounce above the intraday technical resistance seen at the level of 1.0674. On the other hand the down trend is still strong, so please keep an eye on the intraday technical support located at 1.0618.

From the bigger point of view, the Head & Shoulders pattern on the H4 time frame chart of EUR/USD is still being developed as the price makes another lower low at the level of 1.0618. Any sustained violation of the level of 1.0618 will extend the drop lower towards the projected target of the Head & Shoulders price pattern on the H4 time frame seen at 1.0550.

This image is no longer relevant

Weekly Pivot Points:

WR3 - 1.07045

WR2 - 1.06877

WR1 - 1.06810

Weekly Pivot - 1.06709

WS1 - 1.06642

WS2 - 1.06541

WS3 - 1.06373

Trading Outlook:

Since the beginning of October 2022 the EUR/USD is in the corrective cycle to the upside, but the main, long-term trend remains bearish. This corrective cycle was terminated at the level of 1.1286 which is 61% Fibonacci retracement level and the market reversed lower. The intermediate down move is 8 weeks long now and if the level of 1.0636 is broken (technical support), then the bears might extend the down move towards the level of 1.0517.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 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.
  • 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.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

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