The euro currency is starting to lose bullish momentum against the US dollar after another strong technical failure above the 1.1400 level. The EURUSD pair is coming under pressure after the Federal Reserve increased interest rates and committed to further gradual rate hikes next year. A strong move below the 1.1360 support level is now needed to accelerate technical selling in the EURUSD.
The EURUSD pair is only bullish while trading above the 1.1400 level, key technical resistance is found at 1.1430 and 1.1470 levels.
If the EURUSD pair trades below the 1.1360 level, key technical support is found at the 1.1330 and 1.1268 support levels.
Could you do analysis on EURCAD looks like another possible short?
OctaFX_Official
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@rustymole, EURCAD - watch the European Central Bank, watch CL1!
We are at some resistance but I would say this is a bullish environment while Oil is being crushed and CAD is weak.
If you were to short treat it as a pullback to value trade or a mean reversion idea.