7 Aug 2019
EUR/USD technical analysis: Fiber at the mercy of trade war dynamics, capped below 1.1220 resistance
- The US-China news are likely going to be dictating the price action on EUR/USD in the next days.
- The levels to beat for sellers are at 1.1174 key support followed by the 1.1135 level.
EUR/USD daily chart
EUR/USD is entering a second day of consolidation while trading in a bear trend below its main daily simple moving averages (DSMAs). Trade war dynamics are influencing the value of the greenback and most of the price action on the EUR/USD currency pair. Moreover, this week has little top tier macroeconomic announcements adding weight to any news related to international trade.
EUR/USD 4-hour chart
EUR/USD is pulling back down after peaking at the 1.1250 level near the 200 SMA this Monday. The bears need a clear break below 1.1174 key support. The next supports in line can be seen near 1.1138, 1.1121 and 1.1100 levels, according to the Technical Confluences Indicator.
EUR/USD 30-minute chart
EUR/USD is settling in a range between 1.1174 support and the 1.1220 resistance. Buyers need a break above 1.1220 and 1.1255 resistance on a daily closing basis to resume last week bull move.
Additional key levels