Technical Analysis

Dollar now falls to the lowest level of the day vs the EUR

New highs for the EURUSD

The EUR lagged other currencies in making new lows vs the USD, but the EURUSD has just moved to a new high (new dollar low). The pair traded to a new high of  1.18602, taking out the earlier high at 1.18588. 

 

The next targets comes against the 

  • 38.2% retracement of the move down from last Friday’s high. That comes in at 1.18708.
  • The falling 100 hour moving average is at 1.18755.  
  • A swing area comes in between 1.1877 and 1.18815 (see green numbered circles and upper yellow area). 

If the buyers are to assume more control, getting above those resistance levels are the minimum requirements. Falling short of those levels, and the corrective move higher is a plain-vanilla correction. 

A move above that upper cluster of resistance would then look to tackle the 200 hour moving average at 1.19039.

Invest in yourself. See our forex education hub.

Articles You May Like

Australia CPI Preview: Forecasts from six major banks, inflation could inch higher
Falling fertility rates pose major challenges for the global economy, report finds
USDCAD Technical Analysis – Key support zone in sight
Oil steadies as markets weigh Russian supply woes
New Zealand Treasury cuts its forecast for inflation, sees 3.3% from 4.1% prior

Leave a Reply

Your email address will not be published. Required fields are marked *