Brief trading recommendations for EUR/USD on 10/09/20
The EUR/USD pair managed to show local activity yesterday based on a 2-hour stagnation in the borders of 1.1760/1.1780, which resulted in the breakdown of the lower border of 1.1760.
In this case, traders worked on the tactic of breaking a certain limit of the set range, where trading transactions were exclusively a natural short-term.
Regarding the current fluctuation, you can see that the quote returned to the borders of the previously passed range (1.1760/1.1780) after a local surge in activity, where the level of 1.1780 continues to act as a resistance.
Based on the location of the quotes and price levels, a trading forecast can be made according to several likely market development scenarios.
First, a natural rebound.
The coordinate level of 1.1780 continues to act as a resistance, which leads to a rebound in the price and a movement towards 1.1760-1.1740.
Second, a movement towards the main resistance level.
The coordinate 1.1780 being a resistance level is still not very important, since it appeared due to the recent range (1.1760/1.1780). Thus, if the price is consolidated above 1.1785, further growth towards the main resistance level 1.1800/1.1810 can be considered.
The material has been provided by InstaForex Company – www.instaforex.com