Sellers consolidated their short-term control over the EUR / USD price, breaking through the 1.1000 level. The price remains in the downward trend after the failure of the test in the 50 period period and the diagonal on 13.09. Price action confirmed pinbar welding on the day in question, which was a signal for sale.
At this stage, the area at 1.09863 supports the price, preventing the movement to continue down with more. Here if holding over the area we could expect a push to 23.6 Fibonacci or the zone at 1.10405.
Alternatively, the failure of the current support area could potentially drive the price down to 1.09262. Currently, demand for the dollar is expected to intensify given the season we are entering.
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