Technical analysis on EURUSD for September 22nd, 2023.
September 22, 2023 12:20 pm
Blue lines- Fibonacci retracement levels
Red lines- bearish channel
EURUSD is trading around 1.0636 inside the red downward sloping channel. Price remains in a bearish trend making lower lows and lower highs. The RSI has not reached oversold levels yet in the Daily chart. Price has reached important Fibonacci support. Price has reached the 38% Fibonacci retracement level of the entire upward move from 0.9536. Current market condition justifies a bounce higher towards the upper channel boundary. Resistance by the channel is found at 1.0750. Short-term trend remains bearish as long as price is below this level.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
Red lines- bearish channel
EURUSD is trading around 1.0636 inside the red downward sloping channel. Price remains in a bearish trend making lower lows and lower highs. The RSI has not reached oversold levels yet in the Daily chart. Price has reached important Fibonacci support. Price has reached the 38% Fibonacci retracement level of the entire upward move from 0.9536. Current market condition justifies a bounce higher towards the upper channel boundary. Resistance by the channel is found at 1.0750. Short-term trend remains bearish as long as price is below this level.
The material has been provided by InstaForex Company – www.instaforex.com
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