18.09.201913:44 Forex Analysis & Reviews: Technical analysis of EUR/USD for September 18, 2019

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Overview:

Pair : EUR/USD

Pivot: 1.1052.

The Euro traded a brief upside movement against the US Dollar during european trading session.

Today's trading session began with bullish momentum from the area of 1.1003. As a result, a breakout occurred through the higher limit of a dominant ascending channel pattern at the 1.1052 price.

Currently, the price is still moving around the daily pivot point (1.1052) in the 4-hour time frame.

It should be noted that the EUR/USD pair could face support of the 50 and 100-hour EMAs, as well the weekly pivot point in the 1.1003/1.1052 range.

The RSI reflect increasing positive momentum, as the 100 EMA above its trigger, is falling in the positive zone, moreover the RSI is rising in the bullish territory.

Overall, we still prefer the bullish scenario which suggests that the pair will stay above thesupport level of 1.1003.

From this point, buy deals are recommended above the levels of 1.1003/1.1052 with the first target at 1.1127. If the trend breaks the support level of 1.1127, the pair is likely to move upwards continuing the development of bullish trend towards the level 1.1179. However, if a breakout happens at the double bottom (1.0927), this scenario may be invalidated.

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