FX.co ★ EUR/USD Technical Outlook for September 21, 2020

EUR/USD is struggling for a breakout and remains in a consolidation.

Investors and traders this week awaits speeches by Fed officials and flash eurozone PMIs for a direction.

The EUR/USD pair lacked any clear direction and consolidates around mid-1.1800s. This price range will be decisive for this currency pair, possibly in the medium term. This pair settled nearly unchanged for the second consecutive week and formed a Doji candlestick pattern on the Weekly chart , indicating indecision between bulls and bears.

The Euro could push higher against the US dollar after EUR/USD respects the rising ascending trendline support since May 2020 . Prices were unable to close below the trend line, leaving behind a wick that paused right on key support between 1.1740 and 1.1770. However, this pair remains in a neutral setting and seems to be consolidating .

The upper range of resistance is seen at 1.1940 – 1.200 range (the 2020 high level). A push above this zone will be a convincing breakthrough to trigger for bullish traders and accelerate the climb towards the 2017 high at 1.2030.