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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 34948, member: 2617"] [B]Technical Analysis of EUR/USD for September 16, 2020[/B] [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200916/analytics5f61abdcbfe63.jpg[/IMG] Technical Market Outlook: Another Bearish Engulfing candlestick pattern on H4 time frame has made the market to reverse at the level of 1.1899 and hit the level of 61% Fibonacci retracement located at 1.1822 again. The bulls were unable to break through the retracement located at the level of 1.1912 and the rally was reversed. The bulls are still trying to resume the rally, but the level of 1.1912 has not been violated yet. Any intraday breakout below the level of 1.1813 will accelerate the sell-off towards the level of 1.1753 again, so it is worth to keep an eye on the next developments. The weekly trend remains up, Weekly Pivot Points: WR3 - 1.2085 WR2 - 1.1993 WR1 - 1.1923 Weekly Pivot - 1.1829 WS1 - 1.1753 WS2 - 1.1670 WS3 - 1.1589 Trading Recommendations: On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. Nevertheless, weekly chart is recently showing some weakness in form of a several Pin Bar candlestick patterns at the recent top. This means any corrections should be used to buy the dips until the key technical support is broken. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555. [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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