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The EUR/USD pair is struggling just below 1.1800, and not far from a fresh one-week low of 1.1777. The world’s most famous currency pair is technically bearish, and a steeper decline is likely once below 1.1760, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The German Trade Balance posted a surplus of €18 B, beating expectations, although the current account surplus was below expectations at €20 B. The EU GDP was revised to -11.8% in Q2, better than the previous estimate of -12.1%, but still a record contraction. In the three months to June, the Employment Change came in at -2.9%, worse than the previous -2.8%.”

“The EUR/USD pair is at risk of falling further, with chances increasing on a break below 1.1760, the immediate support level.” 

“In the 4-hour chart, the pair has broken below the 200 SMA, while still meeting sellers around a bearish 20 SMA. Technical indicators, in the meantime, head lower within negative levels, although the momentum is limited.”

“Bulls have no chances unless the EUR/USD pair recovers above 1.1840.”