EURUSD is trading 0.23% lower at 1.0942, heading south for seventh consecutive trading session in a row; the pair breached the YTD lows at 1.1026 on Friday that gave bears the upper hand and accelerated the downward move making fresh 2-year lows today at 1.0930. On the data front EU Producer Price Index (month over month) came in at 0.2% meeting forecasts for July, the yearly reading for Producer Price Index came in at 0.2% in July.
Bears are in full control as EURUSD trades below all the major daily moving averages. Important support now stands at 1.0922 the low from May 15th 2017 and then at 1.09 psycological figure which if breached will encourage more bears to join the action and drive the price down to 1.0838 low from May 11th 2017.
On the upside immediate resistance stands at 1.0970 today’s high and then at 1.1024 the 100 hour moving average, a break above can lead prices up to 1.1061 the 200 hour moving average. Short positions can sit comfortably as long as the pair trades below the psychological 1.10 mark.Don’t miss a beat! Follow us on Telegram and Twitter.
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