Key Levels in the EUR/USD for Wednesday

Posted Wednesday, August 29, 2018 by
Rowan Crosby • 1 min read

The EUR/USD has been on a bit of a bull run over the last week or so. Much of the thanks must be attributed to the USD as it continues to weaken and lift a number of the majors.

The EUR/USD has been a particularly good trade to the upside, given the fact that it really took a hard hit.

Not long ago, we were down at the 1.1300 level thanks to a bearish Mario Draghi and a strong USD.

The news will be thin today for the EUR once again, but we can focus on the technicals.

 

Technical Outlook

The EUR/USD has bounced at support turned resistance at 1.1740 and to me, that is the clear major level at the moment. I’m looking to be short under 1.1750.

Above that, the round number of 1.1800 will hold us down, while 1.1850 was the recent swing high.

Support to me appears to be 1.1625, where we have had a battle and some decent volume. While 1.1500 has the potential for a bounce.

EUR/USD
EUR/USD – 240 min.
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About the author

Rowan Crosby is our Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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