Technical analysis on EURUSD for September 19th, 2023.
September 19, 2023 3:24 pm
Red lines- bearish channel
EURUSD is trading around 1.0687. After a two day bounce from the recent lows at 1.0633, EURUSD is under pressure again. Price remains inside the downward sloping red channel in the Daily chart. Resistance is found at 1.08. Price remains in a bearish trend making lower lows and lower highs. Bears continue to control short-term trend. A bounce higher towards 1.08 is justified in the near term. The RSI has still not entered into the oversold area. I believe there is more downside to be expected.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
EURUSD is trading around 1.0687. After a two day bounce from the recent lows at 1.0633, EURUSD is under pressure again. Price remains inside the downward sloping red channel in the Daily chart. Resistance is found at 1.08. Price remains in a bearish trend making lower lows and lower highs. Bears continue to control short-term trend. A bounce higher towards 1.08 is justified in the near term. The RSI has still not entered into the oversold area. I believe there is more downside to be expected.
The material has been provided by InstaForex Company – www.instaforex.com
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