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Fundamental analysis

Euro Under Downside Pressure Against US Dollar

OctaFx | Nov. 12, 2018
Euro Under Downside Pressure Against US Dollar

The EURUSD pair fell slightly during the Asian session. It reached an intraday low of 1.1312. Should traders expect further losses below the 1.1300 level? The following technical forecast will show.

November 12, OctaFX – The euro has opened the new trading week under downside pressure against the US dollar, with price edging closer to the current yearly trading low.

EURUSD Technical Forecast

The EURUSD pair risks heavy technical selling below the 1.1300 support level, as a number of large stop-losses orders are likely to be triggered. Only a strong move back above the 1.1400 resistance level can negate intraday bear pressures.

  • The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is found at the 1.1225 and 1.1130 levels.
  • If the EURUSD pair moves above the 1.1400 level, buyers may test the 1.1431 and 1.1500 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.

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.