EUR/USD Price Analysis: Upside remains limited by 1.0770

Market news

13 September 2023

EUR/USD Price Analysis: Upside remains limited by 1.0770

EUR/USD halts three consecutive daily advances.
The 1.0770 region emerges as the initial hurdle for bulls.

EUR/USD struggles to continue the weekly recovery and seems to have met a decent resistance around 1.0770 so far.

The underlying bearish sentiment remains unchanged and leaves the door open to extra pullbacks in the short-term horizon. Against that backdrop, the breach of the 1.0700 region could encourage sellers to embark on a probable visit to the September low of 1.0685 (September 7) ahead of the May low of 1.0635 (May 31).

In the meantime, further losses remain in the pipeline while below the key 200-day SMA, today at 1.0826.

EUR/USD daily chart

USD firmer for a bit longer – CIBC

BRL's strong level is justified – Commerzbank

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.