EURUSD analysis – Euro is gaining momentum, approaches 1.1200

The EURUSD pair moved up slightly in the Asian session. As of this writing, the pair is trading above the 1.1200 level. 

9 August 2019, OctaFX – The euro is once again attempting to gain traction above the 1.1200 level against the US dollar, following another impressive recovery from the 1.1180 level.

EURUSD technical analysis

Buyers need to negate the double-top pattern formation to secure the next bullish rally towards the 1.1290 region. The EURUSD pair is also becoming increasingly sensitive to calls from US President Donald Trump calling for a strong US dollar.

  • The EURUSD pair is only bearish while trading below the 1.1180 level, key support is found at the 1.1160 and 1.1135 levels. 

  • If the EURUSD pair trades above the 1.1180 level, bulls may test towards the 1.1238 and 1.1290 levels.

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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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