EURUSD analysis – Pair will likely continue moving higher

The EURUSD pair rose to a high of 1.1132 in the Asian session. This was a continuation of an upward trend that started on Thursday when the pair was trading at 1.1025.

5 August 2019, OctaFX – The euro is trading around the 1.1130 level against the US dollar, after a fairly solid former weekly price close back above the 1.1100 support level.

EURUSD technical analysis

Traders may need more technical confirmation that a meaningful bottom is in place before turning fully short-term bullish on the EURUSD. Overall, EURUSD traders should be on guard for a bullish double-bottom pattern forming this week.

  • The EURUSD pair is only bearish while trading below the 1.1100 level, key support is found at the 1.1040 and 1.1020 levels. 

  • If the EURUSD pair trades above the 1.1100 level, bulls may test towards the 1.1140 and 1.1185 levels.

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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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