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EURUSD analysis - Euro under severe technical pressure against USD

OctaFx | Aug. 15, 2019
EURUSD analysis - Euro under severe technical pressure against USD

Yesterday, the EURUSD pair declined sharply to a low of 1.1130. This was below the important channel that the pair has been in the past few days.

15 August 2019, OctaFX – The euro is back under severe technical pressure against the greenback after breaking through the key 1.1160 support level on Wednesday.

EURUSD technical analysis

Bears could easily force a deeper decline towards the 1.1100 level if the 1.1130 support level becomes breached. Overall, market sentiment towards the EURUSD pair is very bearish while the price continues to trade below the pivotal 1.1160 level.

  • The EURUSD pair is heavily bearish while trading below the 1.1160 level, key support is found at the 1.1130 and 1.1100 levels. 

  • If the EURUSD pair trades above the 1.1160 level, bulls may test towards the 1.1200 and 1.1250 levels.

EURUSD analysis

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.