Bearish Momentum Returns on the EURUSD Just as Worse Than Expected News Release Halt Its Recovery

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EURUSD Price Analysis – September 23
The eurozone keeps on battling, thus resulting in selling pressure on the EURUSD pair, as fragile worldwide conditions and the U.S-China trade dispute have negatively affected the manufacturing sector in Germany and the remainder of the alliance. On the off chance that the U.K. leaves Brexit without a bargain, the EU economy will likewise be influenced and this could dampen sentiment.

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Key Levels

Resistance Levels: 1.1412, 1.1210, 1.1162

Support Levels: 1.0955, 1.0926, 1.0339

EURUSD Long term Trend: Bearish
In the daily picture, the downtrend from the level at 1.1412 (high) is still in progress. Likewise, the prior rejection of the horizontal resistance zone from the trendline also maintained its bearishness.

Meanwhile, a further fall should be seen to the level at 1.0926 low and a decisive break there will target the low on the level at 1.0339. Towards the upside, a break of the level at 1.1412 resistance is needed to indicate medium term bottoming. Otherwise, its trend will stay bearish in case of rebound.

EURUSD Short term Trend: Ranging
The intraday bias in EURUSD remains neutral as consolidation from the level at 1.0926 continues. Its trends stay bearish with the level at 1.1162 resistance intact and further fall is expected.

However, on the downside, the sustained break of the level at 1.0926 will resume a larger downtrend from 1.1210 past the low on the level at 1.0926.

 

Source: https://learn2.trade

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