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 28, 2018

September 28, 2018 Analytics

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EUR/USD has done exactly what bulls DID NOT want to see. Bounced to 1.18, got rejected and then pushed back below 1.17. Last chance for EUR/USD bulls is to hold above 1.16 and start soon a new upward move. EUR/USD is challenging important support today.

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Orange dots – medium strength resistance

Red dots – maximum strength resistance

EUR/USD has broken through support levels 1.17 and 1.1660. Short-term trend has changed to bearish. The rejection at 1.18 was a very important bearish sign and I believe the correction will not be shallow for EUR/USD. I believe that EUR/USD could now even break below 1.16 and continue towards 1.15. Unless we see some constructive action to the upside, bears will be in control. Longer-term view is bullish expecting an important low to be formed around 1.15-1.1450.

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

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