EUR/USD analysis for September 15 2020 – Broken rising trendline and completion of the ABC correction. Downside movement

Trading 15 sept 2020 Donner votre avis
US August industrial production +0.4% vs +1.0% expected

US August 2020 industrial production data

  • Prior was +3.0%
  • Ex autos +0.6% vs +2.1% prior
  • Capacity utilization 71.4% vs 71.4% expected
  • Mining -2.5%
  • Utilities -0.4%
  • Motor vehicle assembly rate 11.26m pace vs 11.94m prior

As I discussed in the previous review, the EUR did complete the ABC upward correction in my opinion...

Further Development

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Analyzing the current trading chart of EUR, I found that the buyers got exhausted today and the downside roattion would be in the play.

1-Day relative strength performance Finviz

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Based on the graph above I found that on the top of the list we got Lumber and Cocoa today and on the bottom Lean Hogs and VIX.

Key Levels:

Resistance: 1,1900

Support levels: 1,1825 and 1,1810

The material has been provided by InstaForex Company - www.instaforex.com

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