Yesterday, the EURUSD pair was little moved as the US participants celebrated the Labour Day weekend. What should traders expect today? Let’s find out in the following 4 September EURUSD Technical Outlook.
4 September, OctaFX – The euro currency is weakening back towards the 1.1600 level against the US dollar on Tuesday, as the greenback firms across the board.
The EURUSD pair retains its intraday bearish bias while trading below the 1.1650 level, as it represents the neckline of a bearish head and shoulders pattern. Traders now look to eurozone PPI data and the ISM Manufacturing survey from the US economy.
4 September EURUSD Technical Outlook
EURUSD is now trading at 1.1600. This level is below an important support which the pair crossed yesterday. It is also in line with the 61.8% Fibonacci Retracement level.
If the pair moves downwards, it will likely test the 1.1550 level, which is in line with the 50% Fibonacci Retracement level. If the pair moves higher, it will test the important resistance level of 1.1700.
This article about 4 September 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.