FX.co ★ September 23, 2020 : EUR/USD daily technical review and trade recommendations.

The EUR/USD pair has been moving sideways within the depicted expanding channel since August 3.

Previously, a temporary resistance level was formed around 1.1900 which prevented further upside movement for and forced the pair to have a downside pause for sometime.

On August 31, the EURUSD pair achieved another breakout above the previously mentioned resistance zone.

Significant SELLING pressure was applied around 1.2000 where the upper limit of the movement pattern came to meet the pair.

Recently, the EUR/USD pair has demonstrated a quick bearish decline towards 1.1800. More downside movement was expected towards the lower limit of the movement pattern around 1.1770-1.1750 which has been providing Support for the EUR/USD pair until earlier Today.

Earlier This week a breakout to the downside was executed below the price level of 1.1750 (KeyZone). Hence intraday technical outlook has turned into bearish.

Intraday traders should be waiting for any pullback to the upside towards the depicted key-zone (1.1750-1.1770) for a valid SELL Entry.

On the other hand, a breakout above 1.1820 (Exit Level) will probably enable further upside movement towards 1.1860-1.1900.