“Euro/dollar is suffering from downside momentum on the 4-hour chart and has dropped below the 50, 100, and 200 Simple Moving Averages. The Relative Strength Index is nearing 30 – thus about to enter oversold conditions implying a bounce.”
“The critical battle line is 1.1750, which provided support twice in recent weeks. EUR/USD breached that level and hit 1.1737, yet the breakout is yet to be confirmed. Further down, 1.17 is another double-bottom to watch, and it is followed by 1.1625.”
“Some resistance is at 1.1785, a support line from this week and also from earlier in September. It is followed by 1.1830, which provided before the recent fall. Further above, 1.1875 and 1.1920 await the pair.”
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