26 Aug

Renewed US/China trade talks spur risk off sentiment

August 26, 2020

By Orbex

EURUSD Rises On German Data

The euro currency is posting modest gains on Tuesday. The common currency was lifted following better than forecast data on the German business climate.

Price action is, however, still making lower highs on the 4-hour chart time frame.

For the moment, the bias is mixed, but this could change if EURUSD slips below the recent swing low of 1.1770.

This would potentially open the way for EURUSD toward the support level near 1.1714.

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To the upside, price action will need to break out above 1.1848 and possibly rise further.

The next main resistance level is at the 1.1897 level.

By Orbex


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