EUR/USD under pressure
EUR/USD under pressure as Covid-19 Cases continue to rise in both the US & Europe with further lockdowns to be announced. Hospitals struggling to cope with the increase of numbers & the death toll continues to rise.
Price has fallen below 1.8000 & momentum on the 4hr has turned negative as price has fallen out of the uptrend.
Price is now trading just below 50 & 200 SMA another bearish sign with the next target support level at 1.1722, a breach of this level opens the door for further downside.
Price could potentially trade with a wide range between 1.1600 & 1.1900 into next year.
ECB President Lagarde Speaks at 1pm.
Support: 1.1767 - 1.1722
Resistance: 1.1845 - 1.1878
Price has fallen below 1.8000 & momentum on the 4hr has turned negative as price has fallen out of the uptrend.
Price is now trading just below 50 & 200 SMA another bearish sign with the next target support level at 1.1722, a breach of this level opens the door for further downside.
Price could potentially trade with a wide range between 1.1600 & 1.1900 into next year.
ECB President Lagarde Speaks at 1pm.
Support: 1.1767 - 1.1722
Resistance: 1.1845 - 1.1878
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