The euro continued the declines started yesterday and reached an intraday low of 1.1212. This was the lowest level since June last year. Will the EURUSD pair continue to move lower? What does the technical analysis show?
November 13, OctaFX – The euro has continued to move lower against the US dollar, as Italian political woes send the single currency towards the 1.1200 support level.
EURUSD Technical Analysis
The EURUSD pair remains heavily bearish and continues to create lower lows, only a strong move above the 1.1300 resistance level can negate short-term selling pressures. Traders now await key CPI inflation and ZEW survey data from the German economy during the European trading session.
- The EURUSD pair remains strongly bearish while trading below the 1.1300 level, key technical support is now found at the 1.1216 and 1.1178 levels.
- If the EURUSD pair moves above the 1.1280 level, buyers may test the 1.1300 and 1.1335 resistance levels.
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