Technical Analysis

EURUSD Remains Under Selling Pressure


The euro has remained under selling pressure against the U.S dollar during much of the European session, with intraday upside attempts contained by the 1.1979 technical resistance level.

Presently, the EURUSD is moving lower, with price-action approaching the 1.1950 level, due to intraday U.S dollar strength, and an unwinding on long positions in the EURGBP cross-pair.

The EURUSD pair remains further intraday bearish, after price-action failed to close back above the key 1.1979 technical resistance level.

To the downside, EURUD technical support is located at 1.1940, 1.1906 and the crucial monthly time frame, 50-period moving average, at 1.1871.

To the upside, once above the current daily price high, at 1.1979, further intraday resistance for the EURUSD pair is found at the 1.1999, 1.2029 and 1.2039 levels.

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