FX.co - EUR/USD analysis for September 21 2022 - Breakout of upside channel and potential for bigger drop

2022-09-21T07:04:25

Relevance until2022-09-22

Technical analysis:

EUR/USD analysis for September 21 2022 - Breakout of upside channel and potential for bigger drop

EUR/USD has been trading downside this morning and I found the breakout of the multi day channel, which is good sign for further downside movement.

Trading recommendation:

Due to the breakout of the channel in the background and strong downside trend this year, I see potential for further drop

Watch for the potential selling opportunities on the rallies with the downside objectives at the price of 0.9800 and 0.9655

MACD oscillator is showing fresh downside momentum, which is good sign for further downside movement.

Key resistance is set at the price of 1.0050

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for September 21 2022 - Breakout of upside channel and potential for bigger drop