📉EURUSD erases morning gains
A bit of holiday apathy broke into the markets, which means that the bulls do not have the strength to push the indices towards new all-time highs. EURUSD bulls also lacked strength, even despite a more pronounced rise of German bond yields. It is worth remembering that today's data from Germany was mixed, but the euro was gaining in the first part of the session.
The EURUSD tested 1.1760 level which is marked with the 38.2 Fibonacci retracement of the last downward wave. This level is also marked with the upper limit of the overbalance structure and the upper limit of the downward trend channel. Additionally, EURUSD breaks again below the 14 and 50 EMA’s. One can see that the dollar has yet to say the last word in anticipation of Jerome Powell's Friday speech at the Jackson Hole economic symposium, which will be conducted virtually.
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EURUSD respects major resistance level, which result not only from the factors mentioned above, but also from the local lows from the second half of July. One can see that we are dealing with a change of support into resistance. The structure of the lower highs and lows remains intact for the time being. Source: xStation5
