EURUSD short-term trend remains bearish


Yesterday, the EURUSD pair ended the day at 1.1527, slightly below the 50% Fibonacci Retracement level. Today, the EURUSD short-term trend remains bearish as traders wait for the services PMI data. What is next? Let’s find out with today’s technical outlook.

5 September, OctaFX – The euro currency has corrected towards the 1.1600 level against the US dollar, with price creating an even larger head and shoulders pattern.

The MACD indicator across the four-hour time frame is attempting to move higher after Tuesday’s bounce from the 1.1529 level. EURUSD traders now look to key Retail Sales and PMI data from the eurozone economy this morning.

EURUSD short-term trend remains bearish

  • The EURUSD pair remains bearish while trading below the 1.1650 level, key technical support is now found at the 1.1553 and 1.1529 levels.
  • If the EURUSD buyers move price above the 1.1600 level, key resistance is found at the 1.1650 and 1.1680 levels.

Disclaimer

This article about EURUSD short-term trend remains bearish 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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