EURUSD analysis: Euro back under downside pressure

April 29, OctaFX – The euro currency is back under downside pressure against the US dollar in early Monday trade after finding strong technical resistance from the 1.1174 level.

EURUSD technical analysis

Weakness below the 1.1135 support level should trigger the next round of technical selling in the EURUSD pair. Traders now await the release of key inflation data from the United States, ahead of Wednesday FOMC interest rate decision.

  • The EURUSD pair is bearish while trading below the 1.1135 level, key technical support is found at the 1.1100 and 1.1050 levels.

  • If the EURUSD pair trades above 1.1135 level, key intraday resistance is found at the 1.1174 and 1.1200 levels.

EURUSD analysis, Euro downside pressure


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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