top of page

Title: EUR/USD Price Analysis: Tests fresh two-decade low at 0.9540, more weakness ahead

  • Writer: analysiswatch
    analysiswatch
  • Sep 28, 2022
  • 1 min read

September 28, 2022 02:13 AM ET


By: AnalysisWatch


The EUR/USD pair is hovering around the critical support of 0.9540, which is a new two-decade low marked on Monday. In Asian trading, the value dropped significantly after trying to overcome the round hurdle of 0.9600. The major is auctioned at a tipping point, so an increase in volatility at the counter cannot be ruled out.


On an hourly basis, the bulls of the single currency will first test the level of 0.9540, and a subsequent selling pressure will send the pair in a negative direction. The downward trend line from Tuesday's high at 0.9671 will also be an important barrier.


The 20- and 50-period Exponential Moving Averages (EMAs) at 0.9583 and 0.9622, respectively, are downward sloping, adding to the downward filter.


In addition, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00–40.00, suggesting further weakness.


If the level falls below Wednesday's low at 0.9542, the bulls will pull the level towards the June 2002 low at 0.9313, followed by the October 2001 high at 0.9241.


Investors could make a counter-bet if the value crosses Tuesday's high at around 0.9670, which will push the value towards Friday's high at 0.9852. A break of the latter would drive the price towards the round resistance at 0.9900.

Comments


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