On Friday, the pair reached a high of 1.1720. This was an important resistance level for the pair. Today, EURUSD starts the week under pressure, as it fell in the Asian session. What is next?
17 September, OctaFX – The euro has started the new trading week under pressure against the greenback, following the heavy decline in the pair last Friday.
EURUSD Starts Week Under Pressure
The EURUSD pair remains short-term bullish while trading above the 1.1600 level with the inverted head and shoulders pattern still valid, despite the heavy technical rejection from the 1.1720 region.
Sellers will attempt to break the 1.1577 support level, while buyers to attempt to break the neckline of the bullish pattern.
- The EURUSD pair remains bullish while trading above the 1.1600 level, key resistance is located at the 1.1730 and 1.1790 levels.
- If the EURUSD pair moves below the 1.1600 level, sellers are likely to test towards the 1.1577 and 1.1528 support levels.
This article about EURUSD Starts Week Under Pressure 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.