The Euro is strongly bearish below 1.1500. This was the lowest level since August. However, will the downward trend continue? Gain insight into this analysis.
4 October, OctaFX – The euro has tumbled below the 1.1500 level against greenback after Federal Reserve Chair Jerome Powell delivered a bullish speech on the US economy and future rate hikes on Wednesday.
EURUSD Strongly Bearish Below 1.1500
The MACD indicator is trending lower on the daily time frame, suggesting that the EURUSD pair may still see further losses ahead. Sellers will look to target the 1.1425 level, while buyers will aim to close the day above the 1.1553 resistance level.
- The EURUSD pair is strong bearish while trading below the 1.1500 level, key support is now found at the 1.1425 and 1.1390 levels.
- If the EURUSD pair trades above the 1.1500 level, key technical resistance is located at the 1.1553 and 1.1600 levels.
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