EURUSD Analysis: Possible basing but not bullish just yet [Video]
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ECB's Minutes cooled down hopes for a sooner rate hike in the EU
The dollar resumed its advance in a week where the trade war ups and downs, once again led the way. Trade tensions escalated mid-week on the back of headlines indicating that the US was planning to launch a list worth $200B goods, on where to impose a 10% tariffs.
The EUR/USD ended its period of stability and began falling as the US Dollar gains ground across the board. What are the next levels to watch?
The Technical Confluences Indicator shows that the pair has some support at 1.1596 which is the convergence of the Fibonacci 23.6% one-month, the one-week low, and the Pivot Point one-day Support 3.
If the EUR/USD loses this level, the door is open to a free-fall to the 1.1511 area. This is the confluence of the Pivot Point one-month Support 1, the one-month low, and the 2018 low.
Looking up, recovering may be quite hard. 1.1661 is the congestion of the Fibonacci 61.8% one-week, the Simple Moving Average 5-1h, the Fibonacci 23.6% one-day, the Bolinger Band one-day Middle, the Bolinger Band 15m-Middle, the SMA 50-15m, the SMA 10-1h, the SMA 100-4h, the Fibonacci 38.2% one-day.
