EURUSD Dives Lower Towards the 1.1600 Level As Downside Traction Grows

EURUSD Dives Lower Towards the 1.1600 Level As Downside Traction Grows

EURUSD Price Analysis – September 24

The selloff around the single currency stays unhindered while EURUSD dives lower towards fresh 2-month lows in the 1.1645/40 range on Thursday. EURUSD is extending the phase lower for the 5th day in a row amidst the preference of investors for safe-haven reinforcing further the demand for the USD.

Key Levels
Resistance Levels: 1.2032, 1.1852, 1.1685
Support Levels: 1.1495, 1.1183, 1.0870
EURUSD Long term Trend: Ranging
As seen on the daily basis, EURUSD reported new 2-month lows at 1.1626 level. Despite changes, the pattern of the pair stays positive and bearish moves are only considered corrective. The pair is currently losing 0.16 percent at the level of 1.1640 and faces immediate support at 1.1606 (monthly low level) seconded by level 1.1495.

In the wider sense, the increase from the level of 1.0635 is seen as the third phase of the trend from the level of 1.0339. A more upside rally should be seen at the next phase of 1.2032 to cluster resistance. As long as the 1.1422 resistance turned support level holds, this can stay as the preferred scenario.
EURUSD Short term Trend: Bearish
The EURUSD intraday bias lies on the downside. The drop from the level of 1.2011 may seek a retracement of 38.2 percent from 1.0635 to 1.2011 at the level of 1.1495. For now, such a decline is seen as a corrective step. Therefore, to include downside and bring rebound, we may aim for strong support from the 1.1495 marks.

The continuous breach there, nonetheless, may open the path to 61.8 percent at 1.1495 level retracement. On the upside, the slight resistance level beyond the 1.1750 level would first transform intraday bias neutral. In general, with near term rallies with a chance to sell, the momentum is more and more appropriately positioned.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.