HomeContributorsTechnical AnalysisEUR/USD Ready For Further Short-Term Weakness

EUR/USD Ready For Further Short-Term Weakness

EUR/USD is trading above hourly support at 1.1725 (23/10/20107 low). Break will trigger bearish extension to strong support given at a distance at 1.1662 (17/08/2017 low). Key resistance is located at 1.1878 (12/10/2017 high). Expected to show further short-term weakness.

In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).

Swissquote Bank SA
Swissquote Bank SAhttp://en.swissquote.com/fx
Trading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. Prior to opening an account with Swissquote, consider your level of experience, investment objectives, assets, income and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Featured Analysis

Learn Forex Trading