EURO TECHNICAL OUTLOOK: EUR/USD PRICE ACTION BUILDS SUPPORT AROUND 1.1700-HANDLEEUR/USD worth motion stays beneath stress after b
EURO TECHNICAL OUTLOOK: EUR/USD PRICE ACTION BUILDS SUPPORT AROUND 1.1700-HANDLE
- EUR/USD worth motion stays beneath stress after breaching its 50-day transferring common
- The Euro is hitting recent month-to-date lows amid rising market volatility and threat aversion
- EUR/USD now checks a essential technical help degree barely above the 1.1700-price degree
EUR/USD is stretching decrease this Tuesday with the Euro remaining beneath stress towards its US Greenback peer. The Euro has declined over 250-pips to this point this month and at the moment trades at its weakest degree since mid-August. Volatility has risen steadily over current buying and selling classes as markets swoon and appears like the first catalyst steering EUR/USD worth motion decrease.
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EUR/USD PRICE CHART: DAILY TIME FRAME (23 JUN TO 22 SEP 2020)
This has largely contributed to a breach of the 50-day transferring common with EUR/USD notching a sequence of decrease highs since topping out on the 1.2000-price degree. EUR/USD is now perched barely above the 1.1700-handle, which stands out as a essential help degree highlighted by August swing lows.
| Change in | Longs | Shorts | OI |
| Every day | 5% | 9% | 7% |
| Weekly | 9% | -4% | 1% |
A breakdown beneath this zone of technical confluence may speed up EUR/USD promoting stress. Trying forward, the DailyFX Financial Calendar particulars upcoming occasion threat and information releases with potential of weighing materially on market sentiment. The scheduled testimonies from Fed Chair Powell, along with world PMI information on deck, stand out particularly.
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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