EURUSD analysis – Euro extremely bearish below 1.1100

Yesterday,  the EURUSD pair crossed the most important support level of 1.1163. After this, the pair continued moving lower, fueled by strong data from the US.

16 August 2019, OctaFX – The euro currency has fallen back towards the 1.1100 level against the US dollar after crashing below the 1.1130 support level on Thursday.

EURUSD technical analysis

The euro is extremely bearish while trading below the 1.1100 level and now risks falling back towards its current yearly low. Bulls will be looking for a double-bottom formation, however, the fundamentals behind the EURUSD are worsening.

  • The EURUSD pair is heavily bearish while trading below the 1.1130 level, key support is found at the 1.1130 and 1.1100 levels. 

  • If the EURUSD pair trades above the 1.1130 level, bulls may test towards the 1.1160 and 1.1200 levels.

EURUSD analysis


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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