EUR/USD: technical analysis 30.09.2019
The EURUSD pair begins today’s trading with slight bearish bias due to downward correction. In order to continue such dynamic the pair must consolidate below the level of 1.09253 (Murray [2/8]). In this case, the next targets of sellers will be the level of 1.09045. The level of 1.09045 seem a key level for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the area of 1.08726.
Alternative scenario. If the "bulls" manage to raise the rate above the level of 1.09473, the correction can continue to the area of 1.09558 (Murray [3/8])-1.09670. The upward trend will be restored after the price is set above the level of 1.09670. In this case the buyers will aim for the 1.09863 (Murray [4/8]) resistance zone. Technical indicators maintain a sell signal. Bollinger Bands are converging on the background of bearish momentum. Stochastic’s lines are pointed downwards. MACD volumes are slowly decreasing in the negative zone.
Support and resistance
Support levels: 1.09253, 1.09045, 1.08726.
Resistance levels: 1.09558, 1.09670, 1.09863.
Short positions can be opened below the level of 1.09253 with the target at around 1.09045 and stop-loss 1.09318.
Long positions can be opened above the level of 1.09558 with the target at around 1.09670-1.09863 and stop-loss 1.09456.