Technical Analysis

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

EUR/USD touches a low of 1.1531 on the day


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…

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