Forex Technical Update

 Prev: EUR/USD Nearing Support Pivots; ECB Ahead Should Flatten it Out (9/5)

EUR/USD

EUR/USD

  • EUR/USD found support at 1.4050, and surged in the European session towards 1.4260. The previous update noted this as an important pivot, and the market respected it as resistance.
  • The decline was just as sharp as the correction rally and reflects the dominance of bears in the current EUR/USD market.
  • The 1.40 level to 1.4260 level can now be established as a range ahead of the ECB decision this Thursday.
  • We are also seeing the same dynamic with Euro-gains overnight being pared heading into the Tuesday US session, but none as pronounced as in the EUR/USD.

Subscribe and become a member to share your views and join live discussions as well as webinars about the markets.
Fan Yang CMT
Chief Technical Strategist
FXTimes

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.