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

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.

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

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.

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

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).

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

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

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