EUR/USD nears another test of 1.1200 as the dollar keeps firmer

Technical Analysis

EUR/USD falls to a session low of 1.1204

For bank trade ideas, check out eFX Plus

The euro had a bright start to trading yesterday amid a continued breakout in EUR/GBP, which helped to see EUR/USD climb to a high of 1.1288 but encountered resistance from the 61.8 retracement level there before dollar demand sent the pair back lower.

Since then, buyers have failed to convincingly seize back near-term control with sellers defending the 100-hour MA (red line) earlier today for the most part.

And as we see risk sentiment turn a little softer in early trading today, this is pushing the dollar higher and we are seeing EUR/USD fall further towards 1.1200.

Currently, there is also the trendline support @ 1.1206 providing buyers with an added layer of defense before getting to the figure level.

The key hourly moving averages (both @ 1.1241 now) are the levels to watch in case buyers try to chase any upside potential with support around 1.1191-00 being the key region to keep an eye on in case sellers start to push the agenda on a downside break.

Articles You May Like

“THIS TRADING SYSTEM CAN CHANGE YOUR LIFE” = 7-1-20
GBPUSD holds the 100 day MA
Testing a Forex Trading System Before Risking Money
Dollar slips further as stocks extend gains
90 PIPS FOREX TRADING SYSTEM in JUST SINGLE TRADE

Leave a Reply

Your email address will not be published. Required fields are marked *