EURUSD Trades Under Pressure Towards 1.1685 Level Amid ECB Induced Decline

EURUSD Trades Under Pressure Towards 1.1685 Level Amid ECB Induced Decline

EURUSD Price Analysis – October 29

The single currency EURO came under pressure towards the 1.1685 level on a fresh wave of risk aversion. EURUSD sheds ground for the fourth consecutive session and managed to stabilize above the 1.1695 level after falling on Thursday amid the ECB monetary policy meeting.

Key levels
Resistance Levels: 1.2011, 1.1917, 1.1807
Support Levels: 1.1685, 1.1612, 1.1495
EURUSD Long-term Trend: Ranging
EURUSD is losing momentum and retesting the 1.1700 area against the US dollar. Some downside potential may likely prevail in the market, as the exchange rate is under pressure from moving averages 5 and 13 below the ascending trendline support at 1.1725.

In this case, the rate may reach the psychological level of 1.1685.
On the other hand, any meaningful retracement attempt is likely to face tough resistance near the 5 and 13 moving averages in the 1.1790 regions. Some subsequent buys above 1.1807 will negate any short-term bearish trend and bring the pair back to the highs around the 1.1870-1.1917 supply zone.

EURUSD Short-term Trend: Bearish
EURUSD is still holding above the 1.1685 support level after the previous day’s decline. Intraday bias remains neutral for now. However, on the other hand, a solid breakout of the 1.1685 support level should resume the corrective pattern from the 1.2011 level with a new cycle.

The intraday shift will be turned down towards the support level 1.1612. A break would target the 38.2% retracement from 1.0635 to 1.2011 at 1.1495 levels. However, if it rallies above 1.1917, the pair will pull back from 1.1612 to retest the 1.2011 high.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.