Intraday Analysis – EUR Remains Under Pressure

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21092013/Intraday-21.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Technical Analysis 21.8.2023" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21092013/Intraday-21.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21092013/Intraday-21-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2><strong>EURUSD grinds major support</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206634" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085039/EURUSD-8.png" alt="EURUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085039/EURUSD-8.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085039/EURUSD-8-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085039/EURUSD-8-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085039/EURUSD-8-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The euro retreats as a fall in Euro zone inflation would ease pressure on the ECB. On the daily chart, the price is grinding July’s bottom at <strong>1.0840</strong> as this is a critical level to keep the bullish momentum intact in the medium-term. A bearish breakout would trigger a liquidation of positions of those who jumped on the dip, causing a correction towards 1.0700. The bulls will need to lift offers around <strong>1.0910</strong> to ease the pressure first. Then 1.1000 on the daily SMAs is the level to clear before a sustained rebound could happen.</p>
<h2><strong>GBPUSD awaits breakout</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206635" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085114/GBPUSD-18.png" alt="GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085114/GBPUSD-18.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085114/GBPUSD-18-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085114/GBPUSD-18-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085114/GBPUSD-18-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The pound struggles as July’s retail sales showed a larger-than-expected contraction. The pair is looking to consolidate its base in the key demand zone 1.2600-1.2620. <strong>1.2800</strong> from a previously faded bounce is a major resistance to clear to shake out the sellers and to open the door towards 1.3000. Failing that, the bears may see it as a confirmation that the directional bias is still down and would double down on their bets. A drop below <strong>1.2690</strong> would make Sterling vulnerable to an extended sell-off below 1.2600.</p>
<h2><strong>US 30 struggles for support</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206636" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085141/US30-1.png" alt="US30" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085141/US30-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085141/US30-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085141/US30-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/21085141/US30-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The Dow Jones 30 falls as investors expect high interest rates for an extended period of time. On the daily chart, the price has pulled back to the upper band (34500) of a previous consolidation range. A series of lower lows with limited upside indicates that buyers have trimmed their exposure, putting the mid-July rally at risk. With the RSI rising back from the oversold area, <strong>34300 </strong>is the level to see if the bulls make their way back or are afraid of catching a falling knife. <strong>34850 </strong>is a fresh resistance in case of a bounce.</p>
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<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-eur-remains-under-pressure">Intraday Analysis – EUR Remains Under Pressure</a> appeared first on <a rel="nofollow" href="https://orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>