EUR / USD Hovers Around 1.1850

EUR / USD Hovers Around 1.1850

The EUR / USD is at low levels and hovers around 1.1850, as US-China tensions with new developments have raised safe haven demand for the US dollar in general. The EUR / USD is currently facing stiff resistance in the upper 1.1800s. As the markets continue to digest the sharp July-August rally, the pair's failure to overcome this hurdle in the short term seems likely to lead to some consolidation. On the other hand, the resumption of upward movement could see its highest level so far in the 1.1915 / 20 band of 2020 if the 1.1900 level is on the radar again. On the selling side, the 1.1700 / 1.1690 zone holds the occasional bearish moves well and also limits the downside a bit. The uptrend in the EUR / USD seems to have lost momentum once again in the 1.1870 / 80 band, which points to the idea that the pair may move into a consolidated phase in the very near term. Also, a short term peak (near 1.1920) may be appropriate for now.