EURUSD Short Term Bias Remains Fragile Underneath 1.1685 Level

EURUSD Price Analysis – September 28

At the start of the week, the single currency is steering in an unclear path, while the bias around the near-term trend of EURUSD remains weak underneath the level of 1.1685. The pair is trading at the level of 1.1654 at press time, having put in a low level of 1.1615.

Key Level
Resistance Levels: 1.2011, 1.1900, 1.1737
Support Levels: 1.1612, 1.1495, 1.1350
EURUSD Long term Trend: Ranging
EURUSD navigates without a clear direction on Monday. The offered bias, however, appears unchanged and it will not be surprising to see sellers attempting to breach the key support at 1.1612 level in the coming sessions.

Despite this view, a deeper retracement to the relevant contention region around 1.1495 level (March Highs) is still unfavoured. On the other hand, the recently broken key area in the 1.1700 regions has now become the next target of the significance of occasional bullish attempts.
EURUSD Short term Trend: Bearish
The short-term picture suggests that the current corrective advance may continue, as, in the 4-hour chart, the pair is firing up above its moving average 5 and 13. Technical indicators, in the meantime, head firmly higher, entering positive territory.

The next key horizontal resistance level is 1.1737 level, and the pair would need to clear it to shrug off the negative stance. While further pullbacks should not be ruled out just yet, the ongoing rebound needs to surpass the 1.1737 level to sustain its rebound otherwise it may trend lower.

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