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FX.co ★ September 18, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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Forex Analysis:::2020-09-18

September 18, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

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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 ) remains a strong SUPPLY-Zone to be watched for bearish reversal.

However, Conservative traders should be waiting for 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 wait for the current bullish movement to get back 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 1.1860 to minimize the associated risk.

Mohamed Samy
Analyst InstaForex
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