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Forex

Euro Strongly Bearish Below 1.1500

OctaFx | Oct. 4, 2018
Euro Strongly Bearish Below 1.1500

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.

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.