EURUSD analysis – Euro under selling pressure below 1.1100


The EURUSD pair is down for the third session in a row on Wednesday, negating Friday’s bullish ‘outside day’ and re-shifting its attention back to the lower end of the recent range.

28 August 2019, OctaFX – The euro has seen a pick-up in selling against the greenback, as traders continue to sell any moves above the 1.1100 resistance level.

EURUSD technical analysis

If weakness persists we are likely to see the former weekly low come into focus, with the 1.1020 level the foremost weekly support zone below. Buyers need to move price above the 1.1130 level, although bullish sentiment currently appears fairly weak.

  • If the EURUSD pair trades below the 1.1110 level, sellers may test towards the 1.1050 and 1.1020 levels.

  •  If the EURUSD pair trades above the 1.1110 level, bulls may test towards the 1.1130 and 1.1160 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.

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