Euro Under Pressure After Technical Failure


Euro is under pressure as it fell in the Asian session to a low of 1.1650, which was the lowest level since Monday. Should traders expect the EURUSD pair to head lower?

19 September, OctaFX – The euro currency has fallen from a three-week trading high against the US dollar after short-term buyers once again failed to break the 1.1730 resistance level.

Euro Under Pressure After Technical Failure

Rising US treasury-yields helped pushed the EURUSD pair lower, with the US ten-year bond yield rising to its highest trading level since May. Sellers will attempt to break the 1.1650 level while buyers need to push price above the 1.1700 resistance level.

  • The EURUSD pair only bullish while trading above the 1.1650 level, key resistance remains at the 1.1730 and 1.1750 levels.
  • If the EURUSD pair moves below the 1.1650 level, key support is found at 1.1628 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.

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