Technical Analysis

EUR/USD falls to session low as dollar firms further on the day

EUR/USD slips to a low of 1.1238, tests key hourly moving averages

ForexLive

Price moved lower following a WSJ interview (on 11 July) with Fed dove James Bullard was published, headlining that Bullard did not view that a cut beyond 25 bps is warranted ahead of the 31 July meeting decision.

That put an extra bid in the dollar on the session and is pushing the greenback to session highs against a couple of major currencies. Of note, EUR/USD has moved lower to challenge key near-term support levels currently.

Sellers are now challenging the 200-hour MA (blue line) and 100-hour MA (red line) @ 1.1242 and 1.1239 respectively as they try to seize back near-term control.

As sellers search for a break below the levels above, it could open up a move back towards testing the 1.1200 handle again as the pair continues to bounce around between a fairly narrow range over the past two weeks.

Articles You May Like

GBPJPY trades to highest level since May
Stock Market Crashes: Current Climate Compared to Prior Conditions
AUD/USD is the best performer today and it just broke a huge trendline
Payapa forex strategy explained – Payapa strategy revealed – forex trading strategies
New day highs for the GBPUSD

Leave a Reply

Your email address will not be published.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