Still sideways within the Rectangle. Second attempt to break low

17 Sep 2018

EURUSD was eventually contained above the 1.1510 1D support (blue line) and resumed the sideways movement of the 1D Rectangle (RSI = 54.069, CCI = 48.9063, Highs/Lows = 0.0000), which is practically the neckline of the Inverse Head and Shoulders. Having been rejected however again on 1.1730, we anticipate another attempt at the 1.1510 support of the 1.1510 - 1.1750 1D Rectangle, ahead of Draghi's speech. If however 1.1510 is rejected again, then expect another test of 1.1730. Based on the long term bearish trend suggested by the Lower High lines on 1W, we remain short with TP = 1.1450.