EURUSD : retest and then drop

6 сент. 2023 г.

EURUSD

OUTLOOK

The euro rose in the European market on Wednesday against a basket of global currencies, consolidating above its lowest level in three months against the US dollar, in light of the activity of buying from cheap levels, amid the successive comments of European Central Bank officials about the expected meeting next week.

And given fears of recession and above-target inflation, the European Central Bank is on the hook over interest rates, as there remains a clear split over prospects for a 25 basis point rate hike.

Technical abstract :

As we said from the previous idea breaching the 1.0772 level will open the way to reach 1.0740 and 1.0690 and already price reached to our first target

Now ,as long as price trade under 1.0772 level it will force the price to be under sell pressure but right now the price needs to formed the correction to drop strongly so we expect the price will try to retest 1.0772 and then will drop again and targeting 1.0690

for reminder , consolidation above 1.0772 it will postponed the bearish trend and will try to rise up again to 1.0825

Additionally , Today news will affect the market

support line : 1.0740 , 1.0690
resistance line : 1.0772 , 1.0825

Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️