EUR/USD Technicals: 1.1000 In View
Performance of the EUR/USD has been dismal to close August. Rates have settled in the negative for four consecutive sessions and today’s trade has been little better. At press time (11:00 AM EST), the EUR/USD is off 20+ pips and trending lower. Going into the first trading day of September, it appears as though the 1.1000 big-round-number is going to be a key factor.
As it has been for the past several years, Brexit is wreaking havoc on the euro. The latest installment of volatility has come as new U.K. P.M. Boris Johnson has suspended Parliament. The growing chances of a no-deal Brexit, as well as lagging Eurozone economic performance, have doomed the EUR/USD this week. Perhaps the 1.1000 handle will stop the bleeding for the intermediate-term.
EUR/USD: Daily Technical Outlook
The final trading week of August has been one to forget for the EUR/USD. Rates are off more than 100 pips from Monday’s open and trending lower.
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Here are the two support levels to watch for the remainder of the session:
- Support(1): August Low, 1.1027
- Support(2): Psyche Level, 1.1000
Bottom Line: No doubt about it, 1.1000 is a key psychological level for the EUR/USD. Taking a long position from this area on its first test isn’t a bad way to play the action.
Until elected, I will have buy orders queued up from 1.1011. With an initial stop at 1.0984, this trade produces 25 pips on a bounce from natural support at 1.1000.
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