EURUSD: A Selling Opportunity On Next Fed’s Meeting!

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With EURUSD breaking below 1.1197 , a short-term resistance has been printed at the 1.1326 levels, the rise from 1.1122 is likely over, a lower leg below 1.1122 could be seen !

On the downside, recent development suggests a decline to the 1.1100 levels, a halt is likely, but a cut would open 1.1045 levels, further down, support stands at the 1.0985 levels ahead of 1.0911 levels…

On the upside, resistance comes at the 1.1197 levels-broken support turned resistance- ahead of the 1.1162 levels, above 1.1162 will open the main level at 1.1326,  If 1.1326 fails to hold, the pair will extend gains above 1.1365 levels….(1.1427 is likely)…

Conclusion: The EURUSD continues to face downside threats below the 1.1262/1.1326 levels.

Notes:

  • The upper resistance line of the symmetrical triangle was rejected with hidden bearish divergence, suggests further weakness in coming days…
  • The key resistance 1.1262 has been serving as a strong resistance since late of August, a clear break above this level is an early warning for 1.1326 levels…
  • Above 1.1326 will suggest large bullish implications to the 1.1427 levels first.

Fed rate statement on Wednesday !

Upon recent U.S data, I expect the fed would make no changes in interest rates this week, I think also a hawkish or – light hawkish- tone from the Fed is likely next Wednesday, even in the case of a dovish tone, that would be a great opportunity to sell EURUSD on rebound ! but keep in mind that the U.S.D is likely to witness limited gains on  next fed’s meeting, the same thing with EURUSD, limited losses are likely, as  a result; selling the pair on rebound is recommended…

 

eurusd-daily-sept-19

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