EUR/USD analysis: poised to retest 1.1431
EUR/USD settles around 1.1450 as fears returned
Trade war jitters, failed Brexit summit and collapsing equities worldwide, all combined to boost the greenback against most major rivals.
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The common currency retains the dubious honor of being among the weakest currencies across the FX board, as despite dollar's weakness ruled throughout the week, the EUR/USD pair ends it barely up in the 1.1550 region. The pair peaked at 1.1610 and bottomed at 1.1431, a fresh 7-week low, as Italian political woes dominated the pair at the beginning of the week.
As outlined on the daily perspective, most majors are showing similar price structures, ones which are characterised by lollygagging exchange rates, surrounded by ever converging technical levels such as moving averages, pivot points, volatility bands and recent highs and lows. Momentum indicators are surely reflecting the current consolidation seen in their charts.
Under this scenario, and without entirely dismissing my previous EURUSD analysis connoting a South move, I would prefer a clearer directional break out of the current congestion, before adopting fresh positioning. The EURUSD is presently hesitating between 1.1620 and 1.1420. Last week's and also last month's low represent the last line of support, before a downside continuation could become reality. On the upper side, a combination of Fibonacci levels and pivot resistances build the last line of defence for bulls.
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