The pair is intraday bearish below 1.1500 in the Asian session. This was the lowest level since Thursday last week. Where is the pair next headed? The following EURUSD technical outlook reveals.
18 October, OctaFX – The euro declined against the USD in the Asian session after reports that a deal between the US and the EU was at risk. In July, the US President met with EU leaders to iron out issues about trade.
They left the meeting with a truce and a promise for a deal that involved lowering of tariffs and non-tariff barriers. Yesterday, commerce secretary, Wilbur Ross, said that the President’s patience was ‘not unlimited’.
He accused Cecilia Maelstrom of acting in bad faith while negotiating with the US. There was criticism about the deal with many people saying it was short of specifics.
EURUSD Technical Outlook
The EURUSD pair declined to an intraday low of 1.1500 in the Asian session. This was the lowest level since Thursday last week. The double EMA of the 14 and 28-day moving averages point to a continued decline of the pair.
However, this is happening during a period of low volumes, which is an indication that the pair’s decline could be short-lived. This is confirmed by the momentum indicator and the accumulation/distribution indicators as shown below.
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