EUR/USD trims gains and challenges 1.1500

• The pair loses upside traction and drops to 1.1500 and below.
• The greenback fades part of the initial drop and now flirts with 95.70.
• Trade wars, Trump’s comments on Fed remain in the limelight.

After advancing and testing the 1.1540/50 band in early trade, EUR/USD has now embarked into a correction lower and is flirting with the 1.1500 handle and below.

EUR/USD looks to USD-dynamics, trade

Spot came under renewed selling pressure after reaching fresh multi-day peaks in the mid-1.1500s during early trade, all following a pick up in the demand for the greenback.

It is worth mentioning that spot extended the rebound from recent 2018 lows to levels beyond 1.1500 the figure after comments by President Trump sent the buck lower late on Monday.

In fact, the US Dollar Index tumbled further after Trump criticized the Fed’s policy of raising rates at his interview with newsagency Reuters. These comments have probably impacted on investors’ prospects of further tightening by the Fed in the next months and therefore ignited a sell off in the buck.

In the data space, the American Petroleum Institute will report on US crude oil supplies later on today ahead of the more relevant FOMC minutes due tomorrow.

EUR/USD levels to watch

At the moment, the pair is gaining 0.22% at 1.1507 and a breakout of 1.1550 (21-day SMA) would target 1.1629 (high Aug.8) en route to 1.1745 (high Jul.31). On the flip side, the immediate support aligns at 1.1448 (10-day SMA) seconded by 1.1299 (2018 low Aug.15) and finally 1.1188 (61.8% Fibo of the 2017-2018 up move).

                                Start Trading with Free $30    : CLAIM NOW $30 

     VERIFY YOUR ACCOUNT AND GET YOUR $30 INSTANTLY ,MAKE MONEY WITHDRAW !!

               IT IS POSSIBLE TO SHIFT FROM $30  TO  $1,000,000  TRY  TODAY

IF  YOU  FACE  ANY  PROBLEM  TO  GET  THIS  OFFER  PLEASE CONTACT US FOR

               SUPPORT ,  CLICK  SMS  BAR  ABOVE  THEN  TALK  TO  US