September 22, 2020 : EUR/USD Intraday technical analysis and trade recommendations.
The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.
Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1700 which failed to offer sufficient bearish pressure.
Bullish persistence above 1.1700-1.1760 favored further bullish advancement towards 1.1975 where some considerable bearish rejection has been demonstrated.
The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) stood as a strong SUPPLY-Zone to offer bearish reversal.
Conservative traders should be considering the recent bearish closure below 1.1700 – 1.1750 as this indicates lack of bullish momentum and enhances further bearish decline initially towards 1.1645 and 1.1600.
Trade recommendations :
Conservative traders should consider the current bearish persistence below 1.1750 as an indicator for lack of bearish momentum for a valid SELL Entry.
T/P levels to be located around 1.1645, 1.1600 and 1.1500 while S/L to be placed above 1.1800 to minimize the associated risk.
The material has been provided by InstaForex Company – www.instaforex.com