EUR/USD is under pressure

EUR/USD is under pressure

Trade idea

SELL 1.0985; TP 1.0940; SL 1.1000

After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend. The 50-day MA at 1.1040 which used to be a support, acted as resistance making the euro move even lower. On the H4, moving averages are in a negative position. There’s support in the 1.10/1.0993 area (psychological level, 61.8% Fibo of the October advance). If the price gets below it, the next target will be at 1.0940 (78.6% Fibo). 

Notice that the market awaits the improvement in the US CPI figures later today as well as the testimony of the Fed’s Chair Powell, so there will be volatility. 

EURUSD.png    

Similar

AUD/CHF suffered losses

The attempt of AUD/CHF to overcome 0.6800 so far hasn’t been successful. The pair formed a “spinning top” candlestick on the D1 on Tuesday.

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