31 August EURUSD Technical Outlook: EURUSD head and shoulders pattern in play


Europe’s common currency continues to trade comfortably in the 1.1681-1.1700 region after maxing out at 1.1734 earlier in the week. What is next? Get updated in the following 31 August EURUSD Technical Outlook.

31 August, OctaFX – The euro is trading on the back foot against the US dollar on Friday after the United States economy posted much better than inflation data during yesterday’s US session.

The EURUSD pair is intraday bearish while trading below the 1.1681 level and continues trade within a bearish head and shoulders pattern. Financial market participants now look to key Inflation and Unemployment data from the eurozone economy.

31 August EURUSD Technical Outlook

  • The EURUSD pair is intraday bearish while trading below the 1.1681 level, key support is found at the 1.1640 and 1.1590 levels.
  • If the EURUSD pair moves above the 1.1681 level, buyers are will likely to test towards the 1.1700 and 1.1730 support levels.

Disclaimer

This article about 31 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.

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