After surging to one-week highs, Europe’s common currency reversed course on Wednesday to finish sharply lower. What is next? OctaFX offer their projections in the following 18 July EURUSD Technical Analysis.
18 July, OctaFX – The euro has erased recent trading gains against the US dollar, following hawkish comments from Federal Reserve Chair Jerome Powell during his testimony before US Congress.
The EURUSD pair is turning bearish across the four-hour time frame, with the MACD indicator turning lower and price now trading below the 200-period moving average on the mentioned time frame. Sellers will once again target the 1.1600 level, while buyers will look to stabilize price above the 1.1684 level.
18 July EURUSD Technical Analysis
- The EURUSD pair is strongly bearish while trading below the 1.1650 level, key support is found at the 1.1612 and 1.1554 levels.
- If the EURUSD pair moves above the 1.1684 level, buyers may once again test towards the 1.1700 and 1.1724 resistance levels.
This article about 18 July EURUSD Technical Analysis 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.