Euro/dollar has slipped toward 1.18, the lowest level in over a week. It has begun setting lower lows after recording lower highs earlier in the week. Moreover, momentum on the four-hour chart has turned to the downside and the pair is about to slip below the 100 Simple Moving Average.
Support awaits at the daily low of 1.1820. It is followed by the swing low of 1.1775 recorded last week and then by the July low of 1.1750. Close by, 1.1740, 1.1717 and the round 1.17 level are the next lines to watch – all played a role early in the year.
Resistance is at 1.1860, which was the peak of a recovery attempt this week. It is followed by 1.1910, the July high, and then by 1.1945 and 1.1975.
The Fed disappointed markets by showing no rush to taper. US economy is expected to have added roughly 1 million jobs in July. EUR/USD has recovered nicely, but a course change has not been confirmed.
“Support awaits at the daily low of 1.1820. It is followed by the swing low of 1.1775 recorded last week and then by the July low of 1.1750.”
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