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.
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