FX.co ★ EUR/USD for September 23,2019 - Broken 5-day tranding range on the downside, more selling yet to come

EUR has been trading downwards in the past 24hours. The price tested the level of 1.0968 and then got rejected but in my opinion only temporally. I still see potential for more downside and the recent rally looks just corrective to me.

Orange rectangle – Broken support now became resistance

PInk rectangle - major support area

Orange falling line – Expected path

MACD oscillator is showing good new momentum down in the background and I do expect at least another move lower. Support levels are seen at the price of 1.0967and 1.0927and resistance at 1.1000. Bulls need to be very cautious as there is strong downward momentum in the background and most recently there is the breakout of the 5-day balance, which confirms further downward pressure.