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EURSUD analysis - Euro remains technically weak against USD

EURSUD analysis - Euro remains technically weak against USD

The EURUSD pair was relatively unchanged in the Asian session and will likely remain that way as investors wait for the Fed decision, which will come in the American session.

31 July 2019, OctaFX – The euro remains technically weak against the US dollar, further placing the pair in a vulnerable position going into the FOMC interest rate decision later today.

EURUSD technical analysis

Bulls inability to break the 1.1160 resistance level is placing the emphasis back towards more EURUSD downside. Only a sustained move above the 1.1187 resistance level can put the pair on more certain footing ahead of the main event later today.

  • The EURUSD pair is bearish while trading below the 1.1187 level, key support is found at the 1.1100 and 1.1050 levels. 

  • If the EURUSD pair trades above the 1.1187 level, bulls could test back towards the 1.1215 and 1.1244 levels.

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