Technical analysis of EUR/USD for September 27, 2018
EUR/USD had a volatile night as expected after the FOMC. Prices tried to move back above 1.18 but got rejected. We warned that another rejection at 1.18 would be a bearish sign. EUR/USD is now nearly 100 pips lower.
Green line – important short-term support
Dark blue dots – maximum strength support
EUR/USD has touched the dark blue dots support area and the upward sloping trend line. Holding above these two support levels and not pushing below 1.17 is a sign that prices are supported and the bullish scenario for a move higher is still open. Risk reward favors the bullish side now at 1.17 with a tight stop at 1.1660. I’m bullish EUR/USD.