EUR/USD started a downward trend on September 12th, 2022. This descending wave caused a 6.25 loss of value on this pair. The price line is now reducing its bearish slope, after touching the bottom of its descending channel. The price line is now showing 0.96515, that is located just above the bottom line of the channel. RSI is issuing a negative complex divergence and the last two candles have formed a bullish candle pattern. Traders can be waiting for the price line to complete a reversed head and shoulder pattern, after touching the bottom line of the channel once more, there they can enter long position, targeting the mid, and top line of the channel.
• There is resistance 0.99338 followed by resistance at 1.02890 and 1.06035
• There is support at 0.95560 Below, there is 1.02890 and 1.06035
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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