Technical Analysis of EUR/USD for September 15, 2023
September 15, 2023 8:22 am
Technical Market Outlook:
The EUR/USD pair has broken below the short-term trend line support and the made a new swing low at the level of 1.0633 as anticipated, which is 37 pips below the larger time frame technical support. The market hit the extremely oversold conditions on the H4 time frame chart and now the bulls are trying to bounce.
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 1.0633. Any sustained violation of the level of 1.0633 will extend the drop lower towards the level of 1.0552 and 1.0517. The intraday technical resistance is seen at the level of 1.0687. The next technical support is seen at the level of 1.0517. The projected target of the Head & Shoulders price pattern on the H4 time frame is seen at 1.0550.
Weekly Pivot Points:
WR3 – 1.07913
WR2 – 1.07581
WR1 – 1.07420
Weekly Pivot – 1.07249
WS1 – 1.07088
WS2 – 1.06917
WS3 – 1.06585
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.
The material has been provided by InstaForex Company – www.instaforex.com
Technical Market Outlook:
The EUR/USD pair has broken below the short-term trend line support and the made a new swing low at the level of 1.0633 as anticipated, which is 37 pips below the larger time frame technical support. The market hit the extremely oversold conditions on the H4 time frame chart and now the bulls are trying to bounce.
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 1.0633. Any sustained violation of the level of 1.0633 will extend the drop lower towards the level of 1.0552 and 1.0517. The intraday technical resistance is seen at the level of 1.0687. The next technical support is seen at the level of 1.0517. The projected target of the Head & Shoulders price pattern on the H4 time frame is seen at 1.0550.
Weekly Pivot Points:
WR3 – 1.07913
WR2 – 1.07581
WR1 – 1.07420
Weekly Pivot – 1.07249
WS1 – 1.07088
WS2 – 1.06917
WS3 – 1.06585
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.
The material has been provided by InstaForex Company – www.instaforex.com
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