📊TECHNICAL ANALYSIS - DAILY TIMEFRAME
The daily EURUSD chart reveals a continuation of the bearish move after closing below the 200-day simple moving average (SMA). The psychological 1.0700 level is next up for EURUSD bears - a level that came into play as support in March and June. With prices not yet dipping into oversold territory there could still be some selling pressure to come. Resistance appears at the 200 SMA with 1.0830 thereafter.
📊QUICK FUNDAMENTAL LOOK
This week, prices continue to head lower, where a weekly close below channel support leaves the pair vulnerable to an extended move lower. The dollar appears to be the beneficiary of worsening European and Chinese data, highlighting the relative resilience of the US economy. Something to note since the sizeable downward revision in US Q2 GDP data is that incoming US data may signal early signs of slowing down. Next up on the calendar is US services PMI data.
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