EURUSD analysis – Euro under downside pressure below 1.1220

17 July 2019, OctaFX – The euro is back under downside pressure against the US dollar after the pair was sold heavily following much worse than expected German data.

EURUSD technical analysis

The EURUSD pair is vulnerable to further losses while trading below the 1.1220 level and could easily test it’s former weekly low. The June monthly trading low is the key support level to watch if the 1.1200 support region is convincingly broken.

  • The EURUSD pair is bearish while trading below the 1.1220 level, key support is found at the 1.1185 and 1.1168 levels. 

  • If the EURUSD pair trades above the 1.1220 level, bulls could test back towards the 1.1248 and 1.1270 levels.

A picture containing green, sitting
                            Description automatically generated


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.

Share Your Opinion, Write a Comment