Bearish outlook on EURUSD: 20 September 2022

On the H1 timeframe, prices are testing a key resistance zone at 1.004, in line with the 38.2% Fibonacci extension , presenting an opportunity to play the drop to the next support target at 0.986, coinciding with the 78.6% Fibonacci retracement . Stochastic is also approaching a resistance at 101.63, where we could see a reversal, in line with our bearish bias.