Technical Analysis

EUR/USD extends decline, threatens break of 200-hour moving average

EUR/USD touches a low of 1.1531 on the day

ForexLive

The dollar is picking up some traction across the board and is pushing higher against the rest of the major bloc – barring the yen – and with that, EUR/USD has now slipped to its lowest level in almost a week with price threatening a break of the 200-hour MA (blue line) @ 1.1540 after having broken below the 100-hour MA (red line) in trading earlier today.

If sellers are able to hold a break below the 200-hour MA, then near-term price bias turns more bearish for the pair. There is some support to be seen around 1.1535 as well but a break of the hourly moving averages will indicate a change in the winds and a further downside move will be more favoured.

More to come…

Articles You May Like

SIMPLE AND PROFITABLE Forex Trading Strategy!
ps. Here’s why there are no in person US China trade talks scheduled
EUR/USD falls to session low as dollar firms further on the day
Gold Price Weekly Forecast: Fed Drives Next Leg Higher
USD/CAD spikes to session tops, closer to 1.3100 mark amid tumbling Oil prices

Leave a Reply

Your email address will not be published.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