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EUR/USD analysis: Reaches new July low
Abstract：EUR/USD analysis: Reaches new July low
The release of the US Consumer Price Index data on Tuesday caused high volatility of the EUR/USD and eventually a booking of new July low level at 1.1773 during the early hours of Wednesday's trading.
By the middle of Wednesday's European trading hours, the currency exchange rate had recovered and was expected to reach the resistance of the 55, 100 and 200-hour simple moving averages near 1.1830/1.1840. In the case that the pair passes these levels, the EUR/USD would aim at the weekly simple pivot point at 1.1852 and afterwards the 1.1900.
On the other hand, a bounce off from the resistance of the simple moving averages, could result in a test of the support of the new July low level at 1.1773.
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