The reached support level of 1.1752 (lower limit of the daily cloud + daily Kijun + weekly Tenkan) prevented the euro to further decline. As a result, working in the daily cloud (1.1752-1.1812), neutral zone and the lack of explicit preferences, remains. The trading week will close today, so the result is important. It is unlikely to be optimistic for the bulls under the current conditions, as the decline was too deep. Nevertheless, further reliable consolidation above the daily cloud (1.1812) will increase the chances of a new active rise. As for the bears, they will now try to break through the support level of 1.1752, leave the monthly cloud (1.1688) and update the lows (1.1602-12).


It was observed that there is also a lack of a clear advantage in the smaller time frames. Here, the pair has been working in the correction zone for a long time and is between two key levels of the weekly long-term trend (1.1823) and the central pivot level (1.1796). If a consolidation above (1.1823) occurs and the moving average at one-hour TF reverses, we can expect the bullish moods to strengthen. Today, intraday upside goals are located at 1.1832 – 1.1860 – 1.1896. We can assume that bearish traders will attempt to exit the correction zone and continue the trend, if a consolidation below the level of 1.1796 happens. In turn, the support levels are now at 1.1768 – 1.1732 – 1.1704.



We had a bearish scenario yesterday and we close the week today. The strong bearish character of the weekly candle will encourage the bears’ desire to reach more impressive prospects. To do this, they will need to break through the daily cloud and the support levels that strengthen it (1.3077-1.2920-40). The nearest upside benchmark is the historic resistance level of 1.32.


There is currently an upward correction in the smaller time frames. The key hourly levels today are joining forces around 1.3150-86 (central pivot level + weekly long-term trend). So, a consolidation above will make updating the low (1.3312) as the main task. We can also note the resistance levels at R2 (1.3272) and R3 (1.3316) in this area. On the other hand, exiting the current correction zone and restoring the downward trend (1.3105) will return the relevance of support for classic pivot levels 1.3072 – 1.3028 – 1.2950.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (classical), Moving Average (120)

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.