EUR/USD has failed twice in the last week to keep gains above 1.19. The pair looks overbought as per key indicators. EUR/USD is trading near 1.1880 at press time, representing 0.16% gains on the day. The pair failed to establish a secure foothold above the 1.19 mark on Thursday, having failed to close above that level on July 31. As such, 1.19 is the key resistance. A sustained move past that hurdle is needed to restore the bullish bias and open the doors to 1.2042 (July 2012 low). Alternatively, another rejection above 1.19 could cause some buyers to exit the market and yield a notable pullback. Take note that the relative strength index on the daily and 4-hour charts is reporting overbought conditions with an above-50 print. As a result, a correction cannot be ruled out. On the downside, the higher low of 1.1696 created on Aug. 3 is the level to beat for the bears. Daily chart Trend: Bullish above 1.19 Technical levels FX Street 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 Post By FX Street FXStreet News share Read Next USD/JPY: Bears taking on bullish commitments eye 105.20 FX Street 2 years EUR/USD has failed twice in the last week to keep gains above 1.19. The pair looks overbought as per key indicators. EUR/USD is trading near 1.1880 at press time, representing 0.16% gains on the day. The pair failed to establish a secure foothold above the 1.19 mark on Thursday, having failed to close above that level on July 31. As such, 1.19 is the key resistance. A sustained move past that hurdle is needed to restore the bullish bias and open the doors to 1.2042 (July 2012 low). Alternatively, another rejection above 1.19 could cause some buyers to exit the market… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
