Thu, Feb 09, 2023 @ 12:36 GMT
HomeContributorsTechnical AnalysisEuro Moves To Critical Support

Euro Moves To Critical Support

The euro has moved back towards the 1.1800 support level against the U.S dollar, after failing to find buying interest above the 1.1879 level. On Friday, the euro fell back from the 1.1875 level, after the release of weaker than expected inflation figures from the U.S economy.

Today’s trading sentiment surrounding the EURUSD pair is neutral to slightly bearish. Traders will look to how strong buying and selling interest around the 1.1800 level, which should give further indication of the pairs next directional move.

The economic calendar remains fairly light in the European and U.S trading session, therefore traders will likely remain focused on the Catalonia crisis and key technical trading levels.

In the near-term the 1.1790 level remains a critical support level for the EURUSD, while a strong move back above the 1.1825 level should be taken as bullish.

Key intraday EURUSD support below the 1.1800 level is found at 1.1790 and then 1.1770. Further support below the 1.1770 level is found at the former weekly pivot point, at 1.1740 and the crucial 1.1710 level.

To the upside, key resistance is found at the euro’s weekly pivot point, at 1.1807 and the 1.1825 level. Further intraday resistance is found at the 1.1845 level, and former swing high, at 1.1875

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