Beakout seen on 4H chart could embolden the bulls


  • The descending channel breakout seen in the ER/USD 4-hour chart indicates a revival of the rally from the August 15 low of 1.1301 and could yield a stronger rally toward the recent high of 1.1733.
  • The renewed hopes of US-China trade talks could keep the risky assets and that could only add to the bullish tone around the common currency.

4-hour Chart

Spot Rate: 1.1636

Daily High: 1.1643

Daily Low: 1.1625

Trend: Bullish

Resistance

R1: 1.1659 (resistance as per the 4-hour chart)

R2: 1.17 (psychological level)

R3: 1.1713 (recent high)

Support

S1: 1.1565 (higher low support on the 4-hour chart)

S2: 1.1526 (Sep. 9 low)

S3: 1.15 (psychological level)

 



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