EURUSD is under bearish pressure today after the pair showed a sign on Friday that the downward momentum could continue. What is next?
10 September, OctaFX – The euro is coming under selling pressure against the US dollar on Monday, after a stronger than expected US jobs figure and bearish weekly price close below the 1.1553 level.
Sellers attention is once again focused on the head and shoulders pattern neckline around the 1.1530 level. Buyers will need to move price above the 1.1600 level to negate the short-term bearish sentiment surrounding the EURUSD pair.
EURUSD Under Bearish Pressure
- The EURUSD pair is bearish while trading below the 1.1553 level, key technical support is found at the 1.1530 and 1.1500 levels.
- If the EURUSD pair moves above the 1.1600 level, buyers are likely to test towards the 1.1650 and 1.1681 levels.
This article about EURUSD Under Bearish Pressure 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.