Euro Under Selling Pressure Against US Dollar


February 5, OctaFX – The euro is under moderate selling pressure against the US dollar on Tuesday after buyers failed to hold price above the important 1.1460 resistance level.

The overall bullish bias in the EURUSD pair is likely to remain intact while price continues to trade above the 1.1410 level. Technical indicators appear to be correcting lower, which may delay the next wave of intraday buying interest.

EURUSD Technical Analysis

  • The EURUSD pair is bullish while trading above the 1.1410 level, key technical resistance is found at the 1.1460 and 1.1500 levels.
  • If the EURUSD pair trades below the 1.1430 level, sellers may test towards the 1.1410 and 1.1390 support 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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