Although Europe’s common currency remains in an uptrend, buyers have run into resistance near 1.1700 – a key psychological threshold. Looking at the chart, what can traders expect? Gain insight into the following 29 August EURUSD Technical Outlook.
29 August, OctaFX – The euro continues to trade close to the 1.1700 resistance level against the greenback, as the US dollar remains under heavy selling pressure.
The EURUSD pair will soon need to break above the 1.1750 resistance or risk losing short-term positive trading momentum. A bullish inverted head and shoulders pattern is now clearly visible on the EURUSD pair across the lower time frames.
29 August EURUSD Technical Outlook
- The EURUSD pair remains intraday bullish while trading above the 1.1681 level, key resistance is found at the 1.1750 and 1.1800 levels.
- If the EURUSD pair moves under the 1.1681 level, sellers will likely target the 1.1650 and 1.1630 support levels.
This article about 29 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.