The sellers' pressure exerted on the common European currency is still underway. Since the nightly low of 1,3152, the currency pair recovered during the entire European trading session of August 27th but the started going down again. The price level of 1.3188 is still the intraday high.
Today, we saw a series of economic reports from the Eurozone and the USA. The reports turned out to bring mixed data and mixed feelings. The US crude oil inventories boosted in August while Destatis published a negative economic report on Germany. The import price index dropped from 0,2% down to -0,4% in July while the same index excluding crude oil made only 1,5%.
Meanwhile, the Germany consumer climate index dropped from 8.9 to 8.6 points while Italy's consumer confidence declined from 104.4 down to 101.9 points. All of this happened amid a change of governmental power in France.
Later on, during the start of the American trading session, the exchange rate of EURUSD declined down to 1.3170, Masterforex-V Academy reports.
The H1 chart of EURUSD shows us the following stat of affairs, according to Masterforex-V Academy:
The current bearish tendency in the market of EURUSD is still underway. It started from 1.3411. This is the starting point for the bearish 3-wave count. The 3rd wave of the count is going down from 1.3296.
As for the bigger-scale uptrend started from 1.3152, it still lacks enough potential to completed the entire downswing started from 1.3296.
The closest level of support is 1.3152 – the current local low.
The closest level of resistance are 1.3208 and the MF sloping channel.
