The key resistance is 1.1206 for today | 22 September 2015

22 September 2015, EUR/USD

Daily chart: so, we got the first sign for the trend pivot down (first crossing of swing bottom plus local bearish O&U). To fix the pivot, two breakthroughs are needed. This means that an upward swing will become key: either weak bulls will not manage to break the zone O&U (1.1373), or buyers will get the impulse to break the last peak (1.1458). The scenarios are seem to be equally probable.

The key resistance is 1.1206 for today

Hourly chart: the local downward structure. Bulls need to wait for northern Over&Under (they need to break above the last local peak 1.1206 and then enter the buys in 1.1180. Bears need to follow trend and wait for the bulls’ weakness in 1.1200.

The key resistance is 1.1206 for today

Scenarios:

1) In the case of the growth above 1.1206 - buy from 1.1180 to 1.1320 and 1.1370

2) If the price fails to get above 1.1206 - we sell on trend down to 1.11.

Trading solutions:

1) Act according to one of the scenarios.

Aleksey Panasenko
FreshForex Analyst
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