See also
25.09.2023 09:13 AM
EUR/USD dropped through the 1.0610 low last week before finding support. The single currency pair is seen to be trading close to 1.0950 at this point in writing as the bulls prepare to push higher soon. A break above 1.0800 will confirm that a meaningful low is in place around 1.0510 and that the bulls are back in control.
EUR/USD has been dropping since July 2023 after printing swing highs around 1.1275. The bears have been successful in taking out major support around the 1.0630-40 area as the price hit our projected target. Furthermore, the Fibonacci 0.382 retracement of the entire rally between 0.9535 and 1.1275 has been completed. A high probability remains for a pullback rally to resume from here soon.
EUR/USD could be well poised to push through .0950 and up to 1.1000 in the next few weeks. Also, note that 1.0950 is the Fibonacci 0.50 retracement of the above downswing while 1.1000 is close to the 0.618 retracement. Once complete, we could witness another round of sell-offs towards 1.0200.
A potential counter-trend rally is to resume towards 1.0980 soon.
Good luck!
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
