empty
 
 
26.09.2022 10:01 AM
EUR/USD: 0.9700 psychological level retested

This image is no longer relevant

EUR/USD Strong Bounce Back!

The EUR/USD pair rebounded and recovered after its massive drop. It was trading at 0.9685 at the time of writing that is far above today's low of 0.9567. Technically, the temporary growth was natural after a strong downside movement.

It could reach, test, and retest the near-term upside obstacles before dropping again. The current growth could help sellers to catch a new drop. As you can see on the H1 chart, the price has almost reached the 0.9700 psychological level and the channel's downside line, which represents near-term upside obstacles.

EUR/USD Trading Conclusion!

As long as it stays under the channel's downside line and below 0.9700, EUR/USD could drop again. Only jumping and stabilizing above these obstacles may signal larger growth in the short term.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback