EUR/USD: Technical Analysis and Trading Recommendations_09/28/2021

 
 
 
 
 
 
 

Since the beginning of the month, the EUR / USD pair has declined by 1% and the pressure on it remains in the direction of further decline.

At the start of today's European session, EUR / USD is traded near the important long-term support level 1.1655 (EMA144 on the weekly chart), declining for the third day in a row.

A confirmed breakdown of the zone of key support levels 1.1655, 1.1630 (ЕМА200 on the weekly chart and ЕМА50 on the monthly chart) will mean the pair's transition to a long-term bear market with the prospect of a decline towards the lower border of the descending channel on the weekly chart, passing through the support level 1.1285 (Fibonacci level 23.6% of the upward correction in the wave of the pair's decline from the level 1.3870, which began in May 2014, to the level 1.0500).

In the alternative scenario and after the breakdown of the resistance levels 1.1780 (Fibonacci level 38.2%), 1.1795 (ЕМА50 on the daily chart), the EUR / USD growth will resume towards the key resistance level 1.1865 (ЕМА200 on the daily chart).

Its breakdown will return EUR / USD to the bull market zone with the prospect of its further growth to resistance levels 1.2180 (Fibonacci level 50%), 1.2260, 1.2340, 1.2450, 1.2500, 1.2580 (Fibonacci level 61.8%), 1.2600.

The first signal for the implementation of this scenario will be a breakdown of the short-term important resistance level 1.1731 (ЕМА200 on the 1-hour chart).

Support levels: 1.1655, 1.1630, 1.1285

Resistance levels: 1.1710, 1.1731, 1.1780, 1.1795, 1.1830, 1.1865, 1.1900, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600

Trading Recommendations

Sell Stop 1.1670. Stop-Loss 1.1715. Take-Profit 1.1655, 1.1630, 1.1285

Buy Stop 1.1715. Stop-Loss 1.1670. Take-Profit 1.1731, 1.1780, 1.1795, 1.1830, 1.1865, 1.1900, 1.1950, 1.2065, 1.2180, 1.2260, 1.2340, 1.2450, 1.2580, 1.2600