Euro Under Heavy Selling Pressure


How will the pair move today since it is fast approaching the monthly low with a break below the 1.1431 level? Today's EURUSD technical analysis reveals.

19 October, OctaFX – The euro remains under heavy selling pressure against the greenback in early Friday trade, as the US dollar index climbs back towards the 96.00 resistance level.

The US dollar index recovered early week losses after the FOMC Meeting Minutes showed that the Federal Reserve looked set to continue to hike interest rates. 

EURUSD Technical Outlook

The EURUSD pair is fast approaching the current monthly low, with a break below the 1.1431 level likely to expose further downside towards the 1.1410 support level.

Buyers will likely attempt to defend the 1.1431 support level and force price back above the 1.1480 level.

  • The EURUSD pair is strongly bearish while trading below the 1.1480 level, key support is now found at the 1.1431 and 1.1410 levels.
  • If the EURUSD pair trades above the 1.1480 level, key intraday resistance is found at the 1.1500 and 1.1518 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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