Europe’s common currency traded within a narrow range on Monday, a sign that traders were awaiting fresh market catalysts in the form of economic data. What is next? Gain insight into this 7 August EURUSD Technical Analysis
7 August, OctaFX – The euro currency has recovered marginally higher against the US dollar in early Tuesday trading, as the greenback pauses after moving sharply-higher on Monday.
The EURUSD pair still has scope to recover while trading above the 1.1554 level, but the trend still remains bearish while price trades below the 1.1600 level. Sellers will likely continue to push to make lower daily price lows, while buyers need to stabilize price above the 1.1600 level.
7 August EURUSD Technical Analysis
- The EURUSD pair is strongly bearish while trading below the 1.1554 level, key support is now found at the 1.1527 and 1.1507 levels.
- If the EURUSD pair trades above the 1.1600 level, buyers will likely test toward the 1.1630 and 1.1630 resistance levels.
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