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EURUSD Daily Analysis - September 28, 2016

Short Term Forex Analysis | by ForexCycle.com | Wednesday, 28 September 2016 04:17 UTC
EURUSD broke below 1.1200 support that we mentioned yesterday, indicating that the rebound from 1.1123 had completed at 1.1279 already. Another fall to retest 1.1123 support could be expected, a breakdown below this level will signal resumption of the downtrend from 1.1366 (Aug 18 high), then next target would be at 1.1000 area. Resistance is now at 1.1279, only break above this level will indicate that the sideways movement in a range between 1.1123 and 1.1326 is complete, then the following upward movement could bring price to 1.1500 zone.

eurusd chart

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