Technical analysis

18 September 2020

11:55 EUR/USD is testing the MA 200 H1 resistance

Yesterday the EUR/USD was trading higher and closed the day in positive territory around the $1.1840. Today it was trading in a narrow range of $1.1840-60, remaining close to yesterday's closing price. On the hourly chart, EUR/USD is testing resistance - the MA (200) H1 ($1.1825) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the southern direction in trading and until the EUR/USD finally consolidates above MA 200 H1, it may be necessary to look for a sell entry point at the end of the correction.

  • Resistances levels are at: $1.1880, $1.1900-15, $1.1965

  • Support levels are at: $1.1785, $1.1740, $1.1695-10

EUR/USD is testing the MA 200 H1 resistance 18.09.2020

Probably, the main scenario - is the continuation of the decline to $1.1785 (low of the American session on Sep 17). An alternative scenario - may be consolidation above MA 200 H1, followed by a rise to $1.1900 (Sep 15 high).


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