EURUSD Forecast And Technical Analysis 07-12-2018
As we have written in our daily analysis of yesterday, corrective bullish rally is over on EURUSD.
U.S. PPI and Core PPI came out better than expected. Unlike data, the price went up surprisingly. It was a possible stop hunt operation. Price tested the resistance but could not break above. And we have entered the short trade.
You may follow this trade: EURUSD Trade Idea: Short Opportunity
Today we will have CPI data from Germany and Industrial Production of Eurozone. On the U.S. side, CPI and Jobless Claims will be released.
EURUSD is trying hold above the EMA 20 in the Daily Chart. The pair is trading at 1.16786 as of writing. It is below the EMA 50. Strong bearish momentum in every chart timeframes.
1.16730 MM 1/8 in the daily chart is a minor support. Break below this support will carry the price 1.16570. We are going to focus on 1.16570 support as MA 100 in the H4 Charts and MM 7/8. If the price break below, a fresh bearish rally will start. A better than expected U.S data of today may trigger this bearish move.
Conclusion: Pullbacks are selling opportunities. We can not talk about a trend reversal as long as the price holds below 1.8500.
Key Levels of Today:
Upside: 1.16890 1.17180 1.17540
Downside: 1.16570 1.16290 1.15960
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