EUR/USD Price Analysis: Remains under pressure below 1.0780

Market news

8 February 2023

EUR/USD Price Analysis: Remains under pressure below 1.0780

EUR/USD fails to extend the bounce past the 1.0780 level.
The 3-month line near 1.0780 keeps capping the upside.

EUR/USD bounces off Tuesday’s lows near 1.0670, although the bullish attempt runs out of steam near 1.0760.

As long as the 3-month resistance line near 1.0780 continues to cap the upside, the pair is expected to remain under pressure and thus another move to the February low near 1.0670 should not be discarded just yet.

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0319.

EUR/USD daily chart

Currencies. Daily history for Wednesday, February 8, 2023

Commodities. Daily history for Tuesday, February 7, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.