Technical Analysis: EURUSD

EURUSD hit a three-week low

On Tuesday, EURUSD continued falling. It broke below the 1.160 mark to a three-week low at one point.

The USDX rose to a three-week high

On Tuesday, the USDX continued rising and reached the highest level since 23^rd June. It ended up 0.54% at 98.59.

The ECB is likely to further cut the interest rate

Recently, the US government made a threat that a 30% tariff will be levied on goods from the EU (European Union) and urged the ECB to further cut the interest rate.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD fell from a high level. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that EURUSD will decline further. Investors should focus on whether EURUSD will break through the support at 1.154. It will fall with potential support at 1.145 if it breaks below 1.154.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and declined in the short term. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the bearish market trend prevailed. Investors should focus on whether EURUSD will break through the resistance at 1.166. It will fall if it rebounds but is capped at 1.166.

Key resistance: 1.166,1.171

Key support: 1.154,1.145

Generally speaking, the bearish market trend prevailed in the short term. Investors should focus on US economic data and speeches delivered by officials at the Fed during the day.