EURUSD Stays Under Assault Beneath 1.1900 Despite Dollar Bounce

EURUSD Price Analysis – September 6

During the European session on Monday, the EURUSD is under pressure, trading below the 1.1900 marks. The stronger dollar has pulled the pair down to around 1.1860 intraday low at the time of writing. As the US dollar gains support after a dismal NFP-driven fall, the pair is retreating.

Key Levels
Resistance Levels: 1.2050, 1.1975, 1.1908
Support Levels: 1.1850, 1.1804, 1.1750
EURUSD Long term Trend: Ranging
The common European currency is projected to sustain support around 1.1850, with a break below that level taking it to the next support level of 1.1804. The initial resistance level for the pair is projected to be at 1.1908, and a breakthrough might carry it to the second resistance level of 1.1975.

The initial rebound from the level of 1.1663 low is seen as a corrective situation in the long run. In the case of another increase, however, a pullback of the level at 1.1908 to 1.1804 at 1.1850 might limit the upside. A persistent break of the level at 1.1908, on the other hand, might change this bearish pattern and push the correction forward.
EURUSD Short term Trend: Ranging
The EURUSD intraday bias is currently tilting to the negative, and the pair is trading near its medium-term resistance level of 1.1908. As of now, a corrective rebound from the level of 1.1850 is predicted to be complete on a break at the level of 1.1908. A further drop could be witnessed to retest the low of 1.1804.

Meanwhile, a breach there might trigger a broader downturn towards the 1.1750 level. Above its near-term resistance level of 1.1908, the FX pair may lose its intraday bias neutrality, indicating short-term upside (as per its long-term uptrend).

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