EURUSD Trading Beneath 1.1700 Amid a Weaker Dollar, German Election

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EURUSD Price Analysis – September 27

After a three-week slump under 1.1720 into the early American session, EURUSD sellers are still at odds with buyers. The US Dollar Index depreciates little but remains over 92.70. The euro is being weighed down by Germany’s election results, following ECB’s Lagarde speech.

Key Levels
Resistance Levels: 1.1805, 1.1804, 1.1750
Support Levels: 1.1683, 1.1663, 1.1602
EURUSD Long term Trend: Ranging
EURUSD is attempting to stay afloat the horizontal support line at 1.1704, which it did in mid-August, but maybe struggling to do so. The Relative Strength Index is now beneath the midpoints, however indicating that oversold conditions aren’t yet visible on the daily chart.

Near-term resistance is likely around 1.1750, which was also a low point in July. The level of 1.1908, another peak from the same period, is followed by the level of 1.1975 as a key resistance zone. At 1.1663, some support is expected. The 1.1909 level, the September high, is followed by the 1.1975 level.
EURUSD Short term Trend: Ranging
For the time being, the EURUSD intraday mood is favorable. The current situation shows that the sideways trade that began at 1.1.1909 has concluded at 1.1683. Further rallies are expected to retest the 1.1900 level in the next sessions. The pair may continue to range throughout the session.

The general bounce from the 1.1683 level could be restarted if it breaks out. A violation of the minor support level at 1.1663, on the other hand, might shift the projections and lead to a neutral intraday bias. As long as the 1.1704 resistance turns into support, this could be the favored situation.

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