Technical Analysis

EURUSD Corrects Lower


The single currency continues to correct lower against the greenback, with the EURUSD pair moving below its 100-hour moving average, and reaching an intraday low of 1.1945, during the Asian trading session.

Price-action on the EURUSD suggests further intraday weakness remains possible, will sellers likely to target the euro's monthly time frame, 50-period moving average, located at 1.1871.

The EURUSD remains bearish on an intraday basis whilst trading below the pairs weekly pivot point, at 1.1999. Only a higher time-frame price close below the 1.1660 level can negate the euro's bullish medium-term outlook.

Key intraday technical support is located at the 200-hour moving average, at 1.1938, and the September 7th price low, at 1.1914.

To the upside, key intraday technical resistance for the EURUSD pair is located at 1.1962, 1.1979 and 1.1999. Above the 1.1999 level, further resistance is found at the former swing price high at 1.3039.

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