EURUSD Continues To Fall to Levels Below 1.1800, Dollar Seems Firmer

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EURUSD Price Analysis – September 13

In early Monday trading, the EURUSD opens the week in the red and continues its decline below the 1.18 level. At the time of writing, the pair has dropped even further, reaching new 3-week lows in the 1.1770 level. The resurgence of weakness is in response to the dollar’s continued recovery.

Key Levels
Resistance Levels: 1.1975, 1.1908, 1.1850
Support Levels: 1.1704, 1.1663, 1.1602
EURUSD Long term Trend: Bearish
For the time being, price movement around EURUSD is useless, as it is capped beneath 1.1800. The pair’s outlook is neutral, and bearish moves are solely considered corrective. The pair is currently trading at 1.1784, down 0.20 percent, and facing an immediate challenge at 1.1750, 1.1663, and ultimately 1.1602.

A break over 1.1804, on the other hand, would target 1.1850 on the route to 1.1908. The climb from 1.1602 is considered the bullish phase of the pattern that began with 1.0339. A fresh surge towards the cluster resistance around 1.2350 is expected. As long as the 1.1602 resistance turned support is held, this will remain the better case.
EURUSD Short term Trend: Ranging
The EURUSD has a negative intraday bias. The decrease from 1.1909 could attempt a retracement from 1.1750 to 1.1909 at the level of 1.1804. For the time being, such a drop is viewed as a necessary corrective action. As a result, we may strive for firm support from the 1.1750 marks to include the downside and deliver a rebound.

Nonetheless, a persistent break there might lead to a retracement at the 1.1704 level. On the upside, a break of the moderate resistance level above 1.1804 would turn intraday bias neutral. In general, momentum is becoming more and more appropriately positioned with near-term rallies with a chance to sell.

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