Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

0

No products in the cart.

Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis on EUR/USD for September 6, 2018

September 7, 2018 Analytics

[ad_1]

EUR/USD bounced off short-term support at 1.15 as expected. However bulls will only feel comfortable on a break above 1.17-1.1730. Until then there is still danger for another leg down towards 1.1450-1.14.

analytics5b90d426e1922.png

Orange rectangle – resistance

Blue lines – expected price path

EUR/USD has retraced almost 50% of the rise and is most probably forming a Head and Shoulders pattern and is now at the top of the right shoulder. A rejection at the orange resistance area of 1.1660-1.1680 will open the way for a move towards the 61.8% Fibonacci retracement support and why not lower if we consider the Head and shoulder pattern. This could mean even a double bottom around 1.13. However I expect this decline not to last long and prices to reverse back to the upside. Any break above 1.17-1.1730 should be seen as a very bullish sign for the pair and we should expect to see upside targets between 1.19-1.22.

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

[ad_2]

Source link

Write a comment