At press time, EUR/USD is trading just above the 1.18 level, up 0.1% on the day. Yohay Elam, an analyst at FXStreet, sees the pair struggling to recover for three good reasons and believes is set to resume falls.
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EUR/USD: Three factors keeping the pressure
EUR/USD: Three factors keeping the pressure ; “The increase in European coronavirus cases is accelerating, with worrying uptrends in all countries. Spain is
Yazar: Zack Smith
Yayınlanma: 24 Ağustos 2020 13:51
Güncellenme: 17 Eylül 2024 18:00
EUR/USD: Three factors keeping the pressure
“Jerome Powell, President of the Federal Reserve, is due to speak on Thursday and may shed light on the bank's plans. If the Fed Chair remains cautious about further moves – only urging lawmakers to do more – markets may struggle and the safe-haven dollar has room to rise.”
“EUR/USD is trading below the 50 and 100 Simple Moving Averages and momentum remains to the downside. Moreover, the pair set a lower high on Friday, indicating the downtrend. Support awaits at 1.1750, the low point on Friday, followed by 1.17, a double-bottom from earlier this month. Resistance awaits at 1.1830, a swing low from last week, followed by 1.1870.”
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| S3 | S2 | S1 | R1 | R2 | R3 |
|---|---|---|---|---|---|
| 1.1610 | 1.1682 | 1.1739 | 1.1868 | 1.1940 | 1.1997 |
| Trend Index | OB/OS Index |
|---|---|
| Bullish | Neutral |
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