EUR/USD analysis for September 30 2020 – Strong rejection of the key pivot level at 1.1750 and potential for the bigger drop
Meanwhile, ECB’s Rehn is also out saying that the central bank has managed to avoid the long-run threat of deflation but sees a risk that inflation will continue to be slow.
In other words, they are staying guarded for now and aren’t viewing the latest softness in inflation data to be of much urgency just yet. But with every month that goes by and we still see conditions more subdued, we’ll see how much more they can tolerate.
As I discussed in the previous review, the EUR managed to complete the upside correction and reject from our key pivot resistance at 1,1760.
Analyzing the current trading chart of EUR, I found that the buyers got exhausted today and the downside roattion is on the way towards the levels at 1,1620 and 1,1540.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lumber and Orange Juicer today and on the bottom Lean Hogs and Silver.
EUR is the negative territory today, which is another sign that sellers are in control.
Support levels: 1,1620 and 1,1540.
The material has been provided by InstaForex Company – www.instaforex.com