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Aug 26 - 04:55 AM

EUR/USD - Reaches Pivotal Level Where A Top Is More Likely

By Jeremy Boulton  —  Aug 26 - 02:39 AM
  • EUR/USD rises to 1.1774 EBS, today's range 1.1760-74

  • Centre of 20-day Bollinger bands is 1.1777, bands are 1.1829-1.1777, 1.1653

  • Pair has swiftly risen from base bands to middle without any obvious impetus

  • SNB intervention is one possible reason for the about face nL1N2PX0DL

  • Downtrend remains very clear but traders are counter trading IMM/FX

  • Lots of EUR purchased recently, so lots of potential selling

  • Aug 13/16 highs 1.1804/1.1800 capped last similar uptick (mid bands)

  • Good chance EUR/USD peaks around current levels before testing 1.1650 area


EURUSD Click here

Source:
Refinitiv IFR Research/Market Commentary

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