EUR/USD Price Analysis: Bearish close for Q3 puts 1.1495 on the map
|- EUR/USD is potential carving out a new range between 1.1495 and 1.1602.
- Bears are looking to the highs of March 2020 as the next downside target.
EUR/USD has been a real head turner this month, sliding from 1.1909 the high for September to a low of 1.1562 on this final day for the month.
On the upside, 1.1730 is key resistance on the monthly chart. However, daily and monthly RSIs continue to indicate downside momentum, as does the current monthly engulfing candle.
The 38.2% Fib of 1.0636-1.2349 was pierced again and EUR/USD holds below the 10-DMA.
August's monthly low and November's 1.1608 monthly low were broken and the bears will now be in the running for a significant continuation to the downside for the weeks ahead.
The 50% mean reversion target is located near 1.1495 which meets the March 20 highs as a confluence target.
In reaching the target, this could leave 1.1602 on the upside as a likey resistance on a retest of the upside.
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