EURUSD analysis – Euro gains upside momentum against USD

EURUSD continues it march north so far today, although initial resistance has emerged around 1.1160, promoting some daily correction.

6 August 2019, OctaFX – The euro currency is gaining upside momentum against the US dollar after breaking through the 1.1160 resistance level on Monday.

EURUSD technical analysis

EURUSD bulls need to keep price above the 1.1238 level, which is the major gateway protecting the 1.1300 resistance barrier. Overall, EURUSD bulls are full control of the pair in the short-term while prices trades above the important 1.1187 level.

  • The EURUSD pair is only bearish while trading below the 1.1160 level, key support is found at the 1.1130 and 1.1110 levels. 

  • If the EURUSD pair trades above the 1.1160 level, bulls may test towards the 1.1238 and 1.1300 levels.

A close up of a fence
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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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