3 Consecutive Days EUR/USD Failed To Break The Wall $ 1.1900 - Kakiforex.com - Financial Market Media No. 1 in the World 3 Consecutive Days EUR/USD Failed To Break The Wall $ 1.1900 3 Consecutive Days EUR/USD Failed To Break The Wall $ 1.1900
InstaForex

August 4, 2021

3 Consecutive Days EUR/USD Failed To Break The Wall $ 1.1900

 The US dollar was seen closing trading on Wednesday with a mixed movement while investors remained vigilant ahead of the US NFP jobs report to be published over the weekend.


A positive employment report outlook for July could push for an earlier strengthening of the US dollar, but several other factors are still putting pressure on the major currency.


Among them were US treasury yields hovering lower at around 1.80% as well as concerns over US economic growth after manufacturing sector survey data was published with a weak reading.




It is interesting to note the price movement on the chart of the EUR/USD currency pair yesterday when the decline took place during the New York session with the strengthening by the US dollar.


Initially, the price showed a rise again testing the resistance zone of 1.19000 but still failed to break it making 3 days in a row the zone managed to block the price increase.


Makes investors wary for a bearish situation again when the price moves back below the Moving Average 50 (MA50) barrier level on the 1 hour time frame on the EUR/USD chart for bearish signals.



If the price continues to decline lower today, the 1.18000 level is seen to return to the price focus.


Passing the support level will see the price test the support zone for a few weeks around the 1.17500 level.


On the other hand if the latest price surge attempt manages to pass the 1.19000 wall, a higher price increase is expected to head to the 1.19700 level before testing the focus resistance zone at 1.20000.


The rise to that level will also record the latest 7 -week high after prices plunged below that level in mid -June.