Technical outlook and chart setups:
The EURUSD pair had rallied through 1.1279 levels yesterday during the New York session almost taking out the immediate resistance at 1.1283 levels before pulling back. The pair is seen to be trading at 1.1243 levels for now, and is expected to drop further as well. The wave
structure still indicates a strong probability of bearish resumption that has a potential to push lower towards fresh swing lows. To
support this wave count, an intermediary trend line resistance should
remain intact, which is passing through 1.1290 levels at the moment. The pair
had reversed lower from the Fibonacci 0.786 retracement level of an earlier drop right
at. Ideally, prices should remain below 1.1280/90 levels to keep the bearish
structure intact. It is hence recommended to remain short with risk at 1.1290
levels. Immediate resistance is seen at 1.1283 levels, while support is seen at
1.1120 levels.
Trading recommendations:
Remain short, stop is at 1.1290,
target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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