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EURUSD analysis - Euro regains bullish momentum

OctaFx | Aug. 7, 2019
EURUSD analysis - Euro regains bullish momentum

Euro has regained its shine on Wednesday, taking EURUSD to the 1.1200 level amidst persistent trade concerns.

7 August 2019, OctaFX – The euro currency is becoming increasingly bullish against the US dollar in the short-term, as the pair continues to hold price above key technical support.

EURUSD technical analysis

EURUSD dip-buying is now preferenced as bulls attempt to force price above the 1.1238 resistance barrier. Overall, the EURUSD pair is only technically bearish on an intraday basis while trading below the 1.1187 support level.

  • The EURUSD pair is only bearish while trading below the 1.1187 level, key support is found at the 1.1170 and 1.1138 levels. 

  • If the EURUSD pair trades above the 1.1187 level, bulls may test towards the 1.1238 and 1.1280 levels.

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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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.