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21.09.202106:35 Forex Analysis & Reviews: Will the EUR/USD pair continue to decline?

Exchange Rates 21.09.2021 analysis

The downward movement of the EUR/USD pair remains an impulse. Yesterday's stop of the fall was provoked by reaching a significant support zone, which was formed in August. If it is not broken, then we should wait for the formation of a medium-term flat.

The last daily candle formed a local accumulation zone. This indicates the presence of buy limit orders. The nearest resistance is the Weekly Control Zone 1/4 1.1748-1.1744. Testing this zone and forming a sell pattern will stop the growth. There is an 80% probability of updating the weekly low, so finding an entry sell point is the main strategy.

Exchange Rates 21.09.2021 analysis

The situation will become harder if today's trading closes above the opening level of the Friday candlestick. The absorption pattern of the higher timeframe will be formed and the probability to further rise will increase to 80%. At the same time, trading in the downward direction will be completed this week.

It is worth noting that the Euro can act as a driver for all other instruments relative to the US dollar. Tracking the movement of the EUR/USD pair is important when trading all other major currencies.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Samanta Kruder,
Analytical expert of InstaSpot
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