Performance for the Day
The EURUSD pair fell today to the 1.1528 area as trade war tension between the U.S and China escalates as the price closed lower for 5 straight days. The common currency price found support just 20 pips above the year’s low earlier today after falling for almost 40 pips.
However, Bearish reduced around the 1.1528 area as the Bulls pushed the price to the 1.1555 area due to weak U.S dollar. Technically, EURUSD pair price may need to break above the 1.1661 resistance area where we have the 4hr 200 moving average for bullish momentum to resume.
As at the time of writing this post, EURUSD price is at the 1.1556 area. Next on the economic calendar is German Industrial Production data due tomorrow.
Trade Levels to Watch
A strong break above the 1.1590 area will signal a bullish correction of the pair to the 1.1620 level. A break below the 1.1528 support level will signal a bearish move of the pair to the 1.4850 level.
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