EURUSD analysis – Euro attempts to gain bullish momentum against USD


On Friday, the EURUSD pair rose sharply as the trade war reached a new level. The pair rose from a low of 1.1050 and reached a high of 1.1165. 

26 August 2019, OctaFX – The euro is attempting to gain bullish momentum against the US dollar, following Friday’s strong recovery above the 1.1150 resistance level.

EURUSD technical analysis

Buyers need to keep price above the 1.1130 level to mount another challenge towards the important 1.1160 resistance area. Overall, the recently created bullish double-bottom pattern and the weaker greenback are helping to boost the recovery.

  • If the EURUSD pair trades above the 1.1130 level, bulls may test towards the 1.1160 and 1.1190 levels.

  •  If the EURUSD pair trades below the 1.1130 level, sellers may test towards the 1.1100 and 1.1080 levels.

EURUSD analysis

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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