EURUSD Sellers Fail at Neckline Support


EURUSD sellers fail at neckline support as they need to bring price under the 1.1553 level once again. What about buyers? Above what level should the pair be moved?

11 September, OctaFX – The euro has moved sharply higher against the US dollar after buyers failed to contain price below the neckline of a bearish head and shoulders pattern.

EURUSD Sellers Fail at Neckline Support

The US dollar index has also weakened back towards the 95.00 level, prompting a technical correction in the EURUSD pair. Sellers need to bring price under the 1.1553 level once again, while buyers need to move the EURUSD pair above the 1.1650 level.

  • The EURUSD pair is only bearish while trading below the 1.1553 level, key support is found 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.

Disclaimer

This article about EURUSD Sellers Fail at Neckline Support was provided by OctaFX. It should 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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