top of page

Title: EUR/USD Price Analysis: Bears attack weekly support line with eyes on 0.9860

Writer's picture: analysiswatchanalysiswatch

September 15, 2022 02:25 AM ET


By: AnalysisWatch


EUR/USD is holding lower, with sellers attacking the seven-day-old support line around 0.9960 during Thursday's initial European session.


In doing so, the major currency pair extends the previous day's pullback from the 200-HMA and warrants trading below the 61.8% Fibonacci retracement level of the 06-12 September rally.


It should be noted that impending bearish signals from the MACD and the negative performance of the non-oversold RSI (14) also give EUR/USD bears hope to break the 0.9960 support.


Next, the 0.9900 threshold could probe the downside moves before directing sellers to the yearly low around 0.9860, also the lowest level since December 2002.


Should the EUR/USD bears hold the reins above 0.9860, the October 2002 low near 0.9680 will be in sight.


Alternatively, the 61.8% Fibonacci retracement, also known as the Golden Ratio, keeps the EUR/USD immediate recovery near 0.9990 ahead of the 200-HMA and 50-HMA rises, near the 1.0000 and 1.0010 parity levels in that order.


If the quote exceeds 1.0010, recovery moves could target the resistance levels of 1.0110 and 1.0200 to the north.


To summarize, EUR/USD is poised to refresh its yearly low, but any further decline requires a strong catalyst, which is highlighted by US retail sales for August.

2 views0 comments

תגובות


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page