Technical Analysis of EUR/USD for September 14, 2020

Technical Market Outlook:

The EUR/USD pair has been seen rallying from the lows made at the level of 1.1753 towards the level of 61% Fibonacci retracement located at 1.1912. Nevertheless, the bulls were unable to break through this key retracement and the rally was reversed. Currently, the bulls are still trying to lift the price up, but so far no avail as no new local high was made and the market started to consolidate around the level of 1.1852. Any intraday breakout below the level of 1.1813 will accelerate the sell-off towards the level of 1.1753 again, so it is worth to keep an eye on the next developments. The weekly trend remains up,

Weekly Pivot Points:

WR3 - 1.2085

WR2 - 1.1993

WR1 - 1.1923

Weekly Pivot - 1.1829

WS1 - 1.1753

WS2 - 1.1670

WS3 - 1.1589

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.


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