The Euro dropped sharply on broad-based Dollar strength at US session opening extending its reversal from 1.4475 to 1.4326 low, although, unable to consolidate below the week's range floor, at 1.4345/55, the pair bounced up and retraced most of the losses in Asia, reaching 1.4450 ahead of the European session opening.
On the upside, resistance levels lie at 1.4475/80 (Aug 24/25 highs), and above here, 1.4515/35 (Aug 17/Jul 27 highs) and 1.4580 (Jul 3 high). On the downside, support levels are at 1.4395 (intra-day pivot level), and below here, 1.4315/25 (20-day MA) and 1.4250 (Aug 19 low).On the downside, the important price level at (1.4377) may be tested or broken in the coming sessions, which may pull the pair towards (1.4325-4250).
By
M.Zohaib Gadit
On the upside, resistance levels lie at 1.4475/80 (Aug 24/25 highs), and above here, 1.4515/35 (Aug 17/Jul 27 highs) and 1.4580 (Jul 3 high). On the downside, support levels are at 1.4395 (intra-day pivot level), and below here, 1.4315/25 (20-day MA) and 1.4250 (Aug 19 low).On the downside, the important price level at (1.4377) may be tested or broken in the coming sessions, which may pull the pair towards (1.4325-4250).
By
M.Zohaib Gadit
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