Euro Continues to Drift Lower Against US Dollar


February 7, OctaFX – The euro currency continues to drift lower against the US dollar on Thursday, with the pair edging closer to important trendline support.

A sustained break below the 1.1360 level exposes the pair to further losses towards the 1.1300 level, which is a major technical level for the EURUSD. Buyers ultimately need to move price back above the 1.1410 level to negate short-term bearish pressures.

EURUSD Technical outlook

  • The EURUSD pair is bearish while trading below the 1.1360 level, key technical support is found at the 1.1330 and 1.1300 levels.
  • If the EURUSD pair holds above the 1.1360 level, buyers may test towards the 1.1390 and 1.1410 resistance levels.

Disclaimer

This article was provided by OctaFX. It should NOT 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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