Home EUR/USD Technical Analysis: Further consolidation could spark a correction lower

FXStreet News

EUR/USD Technical Analysis: Further consolidation could spark a correction lower

FX Street

Published date: 8 Aug. 2019 | 13:02

EUR/USD keeps struggling to retest/surpass recent tops in the 1.1250 region amidst the absence of conviction among EUR-bulls.
This area of short-term resistance is also reinforced by the 55-day SMAs at 1.1231. The continuation of the consolidative mood and inconclusive trading could encourage sellers to return to the market on a more sustainable fashion.
That said, a retest of recent lows in the 1.1170/60 band remains well on the cards ahead of a potential move to Monday’s low in the 1.1100 neighbourhood.

EUR/USD daily chart

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.