The Euro is under pressure against the US dollar. Currently, the EURUSD pair is trading at 1.1570. This is the same level as at market close yesterday. What next should traders expect?
2 October, OctaFX – The euro currency is back under pressure against the greenback on Tuesday, as better than expected US economic data and rising Italian bond-yields push the pair lower.
A clear break below the 1.1553 support level should encourage technical selling towards the 1.1500 level. EURUSD buyers need to force price above the 1.1600 resistance level and break the former daily high to change the bearish sentiment towards the pair.
- The EURUSD pair is strongly bearish while trading below the 1.1553 level, key support is now found at the 1.1500 and 1.1470 levels.
- If the EURUSD pair moves above the 1.1600 level, key technical resistance is located at the 1.1624 and 1.1665.
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.