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Forex

Euro Is Losing Upside Momentum

Euro Is Losing Upside Momentum

December 31, OctaFX – The euro is starting to lose upside momentum against the US dollar after the recent rally found strong selling interest from the 1.1472 resistance level.

EURUSD Technical Analysis

Price is now moving closer to the pivotal 1.1430 level, a clear break below this key level will likely prompt selling towards the 1.1400 level. The MACD indicator on the four-hour time frame is also showing that bullish momentum is fading.

  • The EURUSD pair is only bearish while trading below the 1.1430 level, key technical support is found at 1.1400 and 1.1360 levels.
  • If the EURUSD pair holds above the 1.1430 level, buyers may test towards the 1.1472 and 1.1500 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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