Technical analysis of EUR/USD for September 30, 2016

The currency rankings show that the most popular Euro exchange rate is the USD to EUR rate. The central bank in Europe is called the European Central Bank (ECB). … On January 1, 1999. Below is the Technical analysis of EUR/USD for September 30, 2016

Technical analysis of EUR/USD for September 30, 2016

Olaf Rosenberg forex.co trading portal analytical expert the Technical analysis of EUR/USD for September 30, 2016

Overview: Technical analysis of EUR/USD for September 30, 2016

The EUR/USD pair can still form an ascending impulse, it continues to rise upwards. The major support is seen at 1.1155, which coincides with the daily pivot point. According to the main scenario, it may start forming correctional structures. Today, we anticipate the price to move towards the level of 1.1248 and then reach a new maximum again around the price of 1.1282. Please, note that the strong resistance stands at the level of 1.1323 (161.8% Fibonacci Expansion). So, If the price breaks the level of 1.1248, we expect potential testing of 1.1282 and 1.1323 in coming hours.

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The current ascending structure implies that the market may reach the level of 1.1323. In this area, the trend is challenging a major resistance level. In the one-hour time frame, the ascending impulse is strong enough to buy above the support of 1.1202. Therefore, the price is expected to reach a high once again. It is rather gainful to buy at 1.1202 with the targets at 1.1248, 1.1282 and 1.1323. Hence, it is recommended to place take profit at the price of 1.1323 as the last target today. On the contrary, stop loss should be placed at the price of 1.115 (below the daily pivot). The bullish outlook remains the same as long as the Stochastic indicator is pointing to the upside.

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