fbpx
EURUSD

EUR/USD – Retreats from Sept 2018 Highs, Corrective Forces in Play

July 29, 2020

The Euro retreated to 1.1718 in late New York after trading to 1.1781 on Monday, September 2018 highs. A bounce back in the US Dollar pushed the widely overbought Euro to an overnight low at 1.1699 before closing a touch higher. Last night was the first time in weeks that the shared currency did not reach new cycle highs. There are no major European economic reports scheduled for today and the Euro will take its lead from any US Dollar moves today.

EURUSD Daily IG DailyFX Chart - 29 July 2020
EUR/USD Daily IG DailyFX Chart – 29 July 2020

EUR/USD has immediate support at 1.1700 followed by 1.1670 and 1.1640. Immediate resistance can be found at 1.1740 and 1.1770. Major resistance lies at the 1.1800 level. The sharp Euro up move is in danger of a reversal with speculative market positioning currently long of the shared currency at early 2018 highs. Keep an eye out for a rise in the second wave of Covid-19 in several European countries. A continuous upsurge will be the catalyst for a Euro correction lower.
Look for a likely range of 1.1640-1.1740, prefer to sell rallies.

Is this article Helpful?

Total Views: 25
 

Sign up to My Spread

EURUSD

EUR/USD Trades Dovish Today Falling below the 1.18 handle

EUR/USD: The pair is trading with clear dovish bias today as pair fell below 1.18 handle on USD rebound. But positive EU area macro data helped prevent decline below the …

Most Viewed Articles

Most Popular Articles

Technical Analysis

EUR/USD Trades Dovish Today Falling below the 1.18 handle

EUR/USD: The pair is trading with clear dovish bias today as pair fell below 1.18 handle on USD rebound. But positive EU area macro data helped prevent decline below the …

The Daily Fix

Latest Market Commentary

USD/CAD: The Pair is Trading with Clear Positive Bias

USD/CAD: The pair is trading with clear positive bias but still remains below 1.34 mark for now. USD rebound in later European market hours failed to trigger a breakout rally, …

Popular Articles about Trading

No Result found