Technical Analysis

EURUSD Remains Under Selling Pressure

Typography

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.

OctaFX
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.
More from the author