Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis of EUR/USD for September 18, 2018

September 18, 2018 Analytics

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EUR/USD has managed to push above 1.17 as expected. We have been calling this pull back to 1.1620 as a back test of the break out and the bounce back to 1.17 confirms this bullish view. Now EUR/USD faces big medium-term resistance ahead, critical for an extended rise to 1.19-1.20 or a full-scale reversal to 1.14.

analytics5ba09d047e057.png

Blue line – short-term support

Light blue dots – medium strength support

Dark blue dots -maximum strength support

Green line – major support

EUR/USD is back at its highs and I see a bullish pattern about to break to the upside. Major resistance as we said in previous analysis is found at 1.1720-1.1730 area. A break and close above this area will open the way for a move towards 1.19. A rejection at current levels and a break below 1.1640-1.1620 will open the way for a test of the 1.1520 major support. As I have been saying before, I remain bullish about EUR/USD as long as we trade above 1.16.

The material has been provided by InstaForex Company – www.instaforex.com

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