EUR/USD: Euro attempts to bounce at 1.15200

Denis Joeli Fatiaki Independent Analyst

What happened in the last 24 hours of the trading session

EUR/USD: The downtrend started after the pair slipped below the trend line and the support price point at 1.6095 and continued down to 1.15824 a critical support price point. The pair then attempted to head back up but failed and came down hard sliding through 1.15824 support and went down all the way to 1.15247.

What is going on now

EUR/USD: The Euro is currently trading at 1.15293 after bouncing at 1.15200 and attempts to head back up to retest 1.15426. The pair has taken a significant blow in the last 24 hours but has reached a crucial technical support level and may start to make some adjustment to its price movements before heading back up.

My thoughts on what may happen

EUR/USD: The pair is more likely to consolidate at the current price level before making its next move. The pair will need to break and hold above 1.15426 to continue to the upside. It will also need to hold above 1.15200 support to prevent from falling further.

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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