Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD fails to remove downside pressure
FXStreet (Córdoba) – The euro is rising modestly versus the US dollar but remains mostly flat. The positive for the European currency is the fact that is remained above 1.0800/20 all day.
EUR/USD under pressure
After opening three times in a row with a bearish gap, EUR/USD started the week, today, trading around the same level it closed on Friday. Then moved to the downside, but it found support around 1.0820.
On the upside the pair attempted to recover but it was capped by 1.0870. It moved sideways most of the day, consolidating around the lowest levels since May.
The short term trend remains bearish as price continues to face downside pressure, being unable to rise back above previous key support levels. EUR/USD currently stands around 1.0830 about to the day unchanged, after falling during the previous three trading days.
Today’s consolidation looks so far like a bearish pause rather than the foundations of a correction. It the euro manages to rise above 1.0870 it could gain momentum and overcome some short term pressure. While below 1.0820, there could be many stops.
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Source: FXStreet
