Europe’s common currency swung back below 1.1700 on Tuesday as the US dollar regained momentum against its peers.What is next? Gain insight into this 1 August EURUSD Technical Outlook.
1 August , OctaFX – The euro currency is starting to weaken below the 1.1700 level against the US dollar, after a false technical breakout above the well-defined symmetrical triangle pattern on Tuesday.
EURUSD traders need to see a clear break of the triangle pattern to encourage a much needed directional breakout in the pair. Buyers need to break the 1.1730 resistance level, while sellers need to force a break of the 1.1610 support level.
1 August EURUSD Technical Outlook
- The EURUSD pair is only bullish while trading above the 1.1730 level, key resistance is found at the 1.1780 and 1.1850 levels.
- If the EURUSD pair falls below the 1.1610 level, key technical support is found at the 1.1540 and 1.1480 levels.
This article about 1 August EURUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.