EUR/USD: Bulls Are Trying Their Best To Reach North Side

November 28, 2018

 

The EUR/USD pair, which spent the majority of the day fluctuating above the 1.13 handle, came under pressure in the evening session and fell to its lowest level since November 15 at 1.1278 before going into a consolidation phase. As of writing, the pair was down 0.35% on the day at 1.1290. The pair remains under pressure so far this week, briefly dropping to fresh multi-day lows in the 1.1290 region.

 

The most volatile pair is trading as low as 1.1277 amid an escalation in the US trade war against the world, now targeting cars’ imports. Brexit woes also hurt the European currency alongside with persistent tensions around the Italian budget. Italy was looking to bring the deficit target down to 2% and weighing on the shared currency.

 

Well overall pair was falling down and was making successively lower lows and lower highs on the daily technical chart and marked a low of 1.1286 levels which is psychological level. Odds are in favor of bears. We will keep our bias as bearish on the pair as long as 1.1350 level remains.

 

The pair could face the next support at 1.1240 ahead of 1.1200. On the upside, resistances align at 1.1350 and 1.1400. A bearish crossover on MACD indicator is favoring the bears and providing us bearish signal for the time being. RSI arrived in the negative territory i.e. below 50 level, which is supporting the bears.

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