EURUSD returns below 1.1600 after the earlier move higher beyond that figure and has now returned to the 1.1590/85 band, flirting with daily lows ahead of the opening bell in Euroland. What is next?
12 September, OctaFX – The euro currency has come under heavy selling pressure against the US dollar after Tuesday rally higher was once again rejected from the 1.1650 resistance level.
The escalation of trade jitters with US and China in centre stage and its potential effects on the EM FX has returned to the fore on Wednesday and is currently sustaining the risk-off sentiment, undermining any bullish attempts in spot at the same time.
In the meantime, the pair is extending the sideline theme seen since the start of September, with gains capped around 1.1660 and the 1.1500 neighbourhood managing well to offer decent contention for the time being.
EURUSD Returns Below 1.1600
The EURUSD pair remains short-term bearish while trading below the 1.1600 support level. Sellers will attempt to break the 1.1528 support level, while buyers need a solid price close above the 1.1650 level.
- The EURUSD pair is bearish while trading below the 1.1600 level, key support is located at the 1.1528 and 1.1500 levels.
- If the EURUSD pair moves above the 1.1650 level, buyers are likely to test towards the 1.1681 and 1.1730 levels.
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