FX.co ★ Technical analysis of EUR/USD for September 2023

Trend analysis:

EUR/USD may start moving upwards in September, starting from the level of 1.0870 (closing of the August monthly candle) to the historical resistance level of 1.1102 (blue dashed line). It will be followed by a rise to the upper fractal located at 1.1275 (yellow dashed line). A downward movement may occur after the test of this level.

Fig. 1 (monthly chart)

Comprehensive analysis:

Indicator analysis - uptrend

Fibonacci levels - uptrend

Volumes - uptrend

Candlestick analysis - uptrend

Trend analysis - uptrend

Bollinger bands - uptrend

Conclusion: All signals point to an upward movement in EUR/USD.

Overall conclusion: The pair will have a bullish trend, with no lower shadow on the monthly white candle (the first week of the month is white) and no upper shadow (the last week is white).

Therefore, this month, quotes will rise from 1.0870 (closing of the August monthly candle) to the historical resistance level of 1.1102 (blue dashed line), and then to the upper fractal located at 1.1275 (yellow dashed line). A downward movement may occur after the test of this level.

Alternatively, euro could slip from 1.0870 (closing of the July monthly candle) to the historical support level of 1.0731 (blue dashed line), followed by a climb to the 50.0% retracement level at 1.0941 (red dashed line).