- The range-bound theme started since the beginning of the week still in play
- 1800 level acts as a magnet
- This week low continues to provide support for the buyers
The EUR to USD pair remains range-bound despite catching a strong bid following Powell’s speech at the Jackson Hole Symposium. Investors are likely to remain cautious considering the level of uncertainty.
The path to the upside for the EUR/USD pair remains capped near the round number 1.1900. The EUR/USD rally powered by Powell’s speech was short-lived and found enough sellers to send the pair near its Asia’s levels.
On the downside, the pair has scope to retest a more significant support level at the 1.1700-1.1690 band. The support has some technical confluence added by the Fibonacci retracement levels of the 2017 swing low and 2018 swing high.
Despite the strong rejection at 1.1900, the EUR/USD long-term trend remains bullish as long as the pair manages to defend the key 200-day moving average – currently at 1.1157.
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