EURUSD Price Analysis – September 20
The single currency opens the week in the same gloomy mood as it ended the previous one, dragging EURUSD closer to the critical base level of 1.1700. Before the Fed’s second FOMC meeting this week, the US dollar is mounting a broad-based surge as the DXY hits a new high of 93.40.
Key Levels
Resistance Levels: 1.1908, 1.1850, 1.1804
Support Levels: 1.1663, 1.1602, 1.1422
EURUSD Long term Trend: Bearish
The pair is currently trading at 1.1708, with the next support at 1.1663, followed by the 1.1602 low, and lastly the 1.1422 low. A break of 1.11750, on the other hand, would target 1.1804 on the way to 1.1909 (monthly high). A rising negative bias is indicated by a bearish RSI along with bearish 5 and 13 moving averages.
At the present, the pair is down 0.15 percent at 1.1705, with immediate resistance at 1.1750 Friday, Sept 17 low and eventually 1.1804. A breach of the 1.1804 level to the upside might take the price to the 1.1909 (2021 Sept. 3rd) level, en route to the 1.1975 levels.
EURUSD Short term Trend: Bearish
The EURUSD continues to tumble today, with an intraday leaning towards the 1.1704 support level. The resumption of the corrective drop from the level of 1.2350 will be confirmed by a breakthrough. On the upside, a break over the modest resistance level of 1.1804 might shift the intraday bias to neutral. On the downside, the 1.1663 zones provide initial support.
A break above the modest resistance level of 1.1804, on the other hand, will primarily influence intraday sentiment. In the event of a rebound, however, the risk may remain downtrend as long as the 1.1850 resistance level is held. EURUSD is now trading lower in the short term, with 1.1663 expected to provide immediate support for further losses.
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