The euro is not finding enough support and sellers' pressure continues

EURUSD Analysis 09/09/2019 The sell-off of the euro succeeded in dropping the euro below the key support level of 1.1000 at the beginning of...

EURUSD Analysis 09/09/2019

The sell-off of the euro succeeded in dropping the euro below the key support level of 1.1000 at the beginning of last week's trading, and then the euro started consolidating, reaching the highest price during the week at 1.1085 - the area we identified in the last report as the best selling areas of the euro - and then the euro actually fell To close at 1.1028.

The euro zone has no real reasons to support the euro, mainly concerns of the recession in the German economy, Italian crises and quantitative easing, the most important reasons that put the euro under the pressure of sellers.

D1 Timeframe Chart

We keep the same view for the EUR for the coming week, as no buying of the EUR can be talked about, except when it can break the falling trend line. As for selling, we emphasize the need for contract sizes to be bearish, and the need to adhere strictly to stop-loss orders.

Therefore, we believe that selling will be from the current areas, and testing the 1.1930 level again will be an existing possibility, with a stop loss order to close the four hour candle above 1.1070.

Author : Hisham Mancy

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Yen to buy, but there is a serious signal to take into account