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EURUSD analysis - Euro slightly lower against USD

OctaFx | Aug. 22, 2019
EURUSD analysis - Euro slightly lower against USD

The euro currency is trading slightly lower against the US dollar in early Thursday trade, following a fairly uneventful FOMC Meeting Minutes.

22 August 2019, OctaFX – The release of EU PMI Manufacturing data is the main market mover for EURUSD pair, with bearish German data likely to force a test of the 1.1050 level.

EURUSD technical analysis

The EURUSD pair is trading at 1.1082, which is slightly lower than yesterday’s high of 1.1107. On the hourly chart below, the pair has remained between the 1.1113 and 1.1064 channel.

This consolidation means that the pair is trading slightly below the 14-day and 28-day moving averages. The RSI has been on a slow decline after reaching a high of 68 last week. At this stage, the pair can breakout in either direction. 

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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