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EURUSD analysis - Euro slumps back below 1.1200

EURUSD analysis - Euro slumps back below 1.1200

Euro currency remains under pressure in the first half of the week, with EURUSD navigating the 1.1160 level ahead of the opening bell in the Old Continent.

14 August 2019, OctaFX – The euro has slumped back below the 1.1200 level against the US dollar following better than expected US data and renewed demand for the greenback.

EURUSD technical analysis

Weaker than expected EU data may prompt another technical test of the important 1.1160 support level. Overall, traders are growing more bullish towards the US dollar and the US economy now that Chinese trade tariffs have been pushed back.

  • The EURUSD pair is strongly bearish while trading below the 1.1160 level, key support is found at the 1.1145 and 1.1135 levels. 

  • If the EURUSD pair trades above the 1.1225 level, bulls may test towards the 1.1248 and 1.1290 levels.

A close up of a fence
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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.

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