EURUSD Forecast Week of 18-22 September


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EURUSD Forecast Week of 18-22 September

EURUSD parity stuck between solid points of support and resistance. On the top-side, we have strong long-term resistance by way of the 2012 low (two reversal days – 8/29 & 9/8 – as evidence of sellers), while on the bottom-side lies the trend-line rising up from April in confluence with support around 1.08200.

It seems that the direction of the EURUSD movement will become clear after this week’s FOMC meeting.

Technically EURUSD Forecast

On weekly EURUSD Chart, we see that the price tested 1.18300 Fibonacci Retracement 61.80% of the downside movement started May 2014. This level is very important support for EURUSD. Breaking out this support may carry the price 1.16500 levels.

An important detail appears on the weekly chart. RSI divergence which indicates a bullish movement.
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