EUR/USD Mid-Session Technical Analysis for September 22, 2017

James Hyerczyk

The EUR/USD is trading lower at the mid-session as investors react to another threat by North Korea. Investors are moving money out of the U.S. Dollar in response to a reported threat by North Korea to test a nuclear bomb in the Pacific Ocean.


Daily Technical Analysis

The main trend is up according to the daily swing chart. However, momentum shifted to the downside with the formation of a potentially bearish closing price reversal top on September 20.

A trade through 1.2033 will negate the chart pattern and signal a resumption of the uptrend. If this generates enough upside momentum, we could see a move into the main top at 1.2092.

The main trend will change to down on a move through 1.1837. This is followed closely by another main bottom at 1.1837.

The short-term range is 1.2092 to 1.1837. Its retracement zone at 1.1965 to 1.1995 is currently being tested. Buyers are either going to come in to take out this zone, or enough selling pressure will take place to form a potentially bearish secondary lower top.

Daily Forecast

Based on the current price at 1.1965 and the earlier price action, the direction of the EUR/USD the rest of the session will be determined by trader reaction to the Fibonacci level at 1.1995 and the uptrending angle at 1.1957.

Taking out 1.1995 and sustaining the rally will signal the presence of buyers. This could drive the EUR/USD into 1.2033 then a downtrending angle at 1.2042.

A sustained move under 1.1957 will signal the presence of sellers. The daily chart is wide open to the downside under this angle with the next target angle coming in at 1.1897.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.