Technical Analysis

EURUSD Turning Bearish Below 1.1828 Level

Typography

The euro is struggling to move higher against the U.S dollar, with price-action moving closer to the 1.1800 technical level, which represents the pairs 100-day moving average. The EURUSD again moved into selling pressure during the European trading session, creating a third bearish lower swing price-high. An overall lack of euro demand above the 1.1875 level has hurt EURUSD sentiment, with traders now selling upside rallies. Traders now look to the release of the U.S ADP job report for November, and news coming from the pending U.S government shutdown.

The EURUSD pair remains intraday bearish while trading below the 1.1828 level, further downside towards the 1.1800 and 1.1770 levels appears likely.

Should EURUSD price-action move above the 1.1828 technical level, further buying towards 1.1845 and 1.1875 levels seems possible. Extended intraday resistance is found at the 1.1900 level.

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