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Trader, analyst and instructor with a 6-year experience

EUR/USD: news from the battlefield

On Thursday EUR/USD attempted to recover from the yesterday’s post-US PMI losses and touched $1.3235, but in the European trade fell sharply on German Ifo and ECB monetary report. The pair retested the yesterday’s lows around $1.3180.

The data releases were not so bad, but euro remained vulnerable following the yesterday’s break below the July bullish channel. What’s more, the pair finished forming the rising wedge, what is also a bearish sign. Strong MACD divergence on the H4 chart also concedes a further decline. The next support  is seen at $1.3175/65 (61.8% Fibo), while resistance - at $1.3235.

Chart. H4 EUR/USD

EUR
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