Forex Technical Update

 Prev: EUR/USD Nearing Support Pivots; ECB Ahead Should Flatten it Out (9/5)



  • EUR/USD found support at 1.4050, and surged in the European session towards 1.4260. The previous update noted this as an important pivot, and the market respected it as resistance.
  • The decline was just as sharp as the correction rally and reflects the dominance of bears in the current EUR/USD market.
  • The 1.40 level to 1.4260 level can now be established as a range ahead of the ECB decision this Thursday.
  • We are also seeing the same dynamic with Euro-gains overnight being pared heading into the Tuesday US session, but none as pronounced as in the EUR/USD.

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Fan Yang CMT
Chief Technical Strategist

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