EURUSD Advance Takes a Breather While Retaining Positive Bias Beyond 1.1800 Amid China-US Tensions
Azeez Mustapha
EURUSD Price Analysis – August 6
EURUSD is seeing a gradual increase and scarcely influenced by a recent price falling. EURUSD entered the pressure zone for selling, at around 1.1916 level. The move here was instantly and dramatically rejected, prompting EURUSD to sink by over 50 pips. Nonetheless, another rally may stay unclear if tensions between China and the US weigh over the risk assets.
Key Levels
Resistance Levels: 1.2000, 1.1940, 1.1908
Support Levels: 1.1806, 1.1750, 1.1709
The swift pace EUR rose to the highest end was not necessarily anticipated (1.1916-level overnight high). Although the upward trajectory is starting to shift, a continuation of the recent positive trend in EUR seems too early to predict.
Only a daily exit beyond the 1.1925 level might mean that EUR is willing to combat the resistance to the round figure at 1.2000. The likelihood of such a shift is not high at this moment but it will continue to rise as long as EUR does not fall underneath the ‘solid support’ at 1.1750 level.
From a technical point of view, any positive push beyond the 1.1900 marks is likely to incur some resistance near the region of 1.1940. Some follow-through movements may set the tone for a push to regain the main 1.2000 psychological level with some marginal resistance near the region of 1.1980.
On the flip side, vulnerability under the region of 1.1852 now seems to find good support near the region of 1.1806-1.1750. The inability to protect the aforementioned levels may cause some technical selling and further intensify the decline toward the 1.1709 level region en-route of the 1.1606 marks.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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