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Nov 6, 2017

EURUSD STRONGLY BEARISH BELOW 1.1640 LEVEL

The euro continues to remain weak against the U.S dollar, following solid U.S economic data, and another bearish technical weekly price-close. The EURUSD pair is currently trading just above the key 1.1610 support level, after again being swiftly rejected from its 200-week moving average, located at 1.1670. Euro traders now await a raft of economic data coming out from the Eurozone this morning and the start of the Eurogroup meetings from Luxembourg.

 

  • The EURUSD pair remains strongly bearish while trading below the 1.1640 technical level. Further intraday selling towards 1.1573 and 1.1510 levels remains most likely, while price-action holds below the 1.1640 level.

 

  • Should price-action move above the 1.1640 level for a sustained basis, further upside towards the 1.1670 and 1.1690 remains most likely.

 

 

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