Performance for the Day
The EURUSD pair falls again today at the 1.1745 level as news that U.S and China may resume trade talk hit the wires. Today will make the fourth time in two weeks that price tested the 1.1745 area and fell.
The 1.1745 ceiling is now becoming a very strong resistance for the Bulls as the level becomes a critical ceiling that Bears use to push price down. As at the time of writing this post, EURUSD price is at the 1.1697 area.
However, the 4hr 200 period moving average will now serve as a support for the pair at the 1.1661 area. Moreover, if the present slide continues, the price may drop towards the 1.1623 ascending trend line support.
Next on the economic calendar is U.S Federal Open Market Committee FOMC Minutes due tomorrow.
Trade Levels to Watch
A strong break above the 1.1745 resistance level will signal a bullish correction of the pair to the 1.1789 area. A break below the 1.1689 support area will signal a bearish move of the pair to the 1.1661 level.
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