30.09.202012:53 Prehľad analýz forexového trhu: Technical analysis of EUR/USD for September 30, 2020

Exchange Rates 30.09.2020 analysis

Overview :

The EUR/USD pair has risen further and is starting to see an intermediate reversal. We expect a major ascending towards the 1.1773 and 1.1872 area as we look to buy above the spot of 1.1703 (current price). So, the EUR/USD pair remains bullish for a further rise today.

This is shown to us as the current price is in a bullish channel. According to the previous events, we expect that the EUR/USD pair will move between 1.1703 and 1.1872. On the H4 chart, resistances are seen at the levels of 1.1773 and 1.1872.

The GBP/USD pair will continue rising from the level of 1.1703 in the long term. It should be noted that the support is established at the level of 1.1703 which represents the daily pivot.

The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.1705. So, buy above the level of 1.1705 with the first target at 1.1773 in order to test the daily resistance 1.

Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 1.1773, then the market will call for a strong bullish market towards the objective of 1.1872 today. The level of 1.1872 (double top) is a good place to take profits.

However, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1700, a further decline to 1.1612 can occur. It would indicate a bearish market.

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

Mourad El Keddani,
Analytical expert
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

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