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The price of EURUSD has moved lower today after the price rejected the previous highs. Is this a sign of reversal?
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EURUSD Is The Price Reversing?
The EURUSD currency pair has fallen today after the price rejected the highs of 1.0925. This level holds confluence with the USD Index which has found support at 101.50. If the USD Index remains bullish, it could reach the 103.75 level, which could drive EURUSD prices lower towards 1.0775.
In recent news, the European Central Bank (ECB) has stated they are willing to ‘stay the course’ on interest rates. Analysts expect the central bank to hike by 50 bps in the next two meetings. This usually is a bullish sign for a currency, however, analysts are concerned about how long the hawkish stance from the ECB will last. This doubt could help drive the market lower in the short term.
The price action on the H4 chart shows the price rejecting the highs within a minor trading range. If the price can break down through the lows it could invite selling pressure. Before looking for further downside the price will need to close below the lows before confirming a potential change of direction.
If however buyers re-enter the market and the price breaks higher, then the 1.1100 level will be likely targets. It is important to keep in mind that the currency market is highly volatile, and the above analysis is based on current market conditions and assumptions.
Have you watched our AUDUSD analysis? You can see it here.
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