Sun, Oct 17, 2021 @ 03:40 GMT
HomeContributorsTechnical AnalysisEuro Trades Below 1.1710

Euro Trades Below 1.1710

The euro has fallen below key weekly technical support against the U.S dollar, after solid economic data from the United States economy provoked another round of buying in the U.S dollar index.

Trading sentiment in the EURUSD pair is expected to remain bearish while political tension in Catalonia worsen, and price-action continues to trade below the euro’s 200-week moving average, at 1.1710.

With today’s economic calendar in the U.S and Europe remaining fairly light, the U.S dollar index is likely to dictate intraday trading.

The next series of higher time frame closes on the four and eight-hour price-candles around the 1.1710 technical level will be crucial for the EURUSD.

Key intraday technical support below 1.1710 is located at the August monthly low, at 1.1662 and the euro’s 100-day moving average, at 1.1654. Below 1.1654, further support is found at 1.1610 and 1.1580.

To the upside, key intraday resistance is located at yesterday daily price-low, at 1.1730 and the euro’s calculated daily pivot point, at 1.1748. Above the 1.1748 level, the 1.1770 level is critical former support now turned resistance.

OctaFXhttp://www.octafx.com/?refid=871837
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.

Featured Analysis

Learn Forex Trading