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EURUSD Forecast and Technical Analysis: The shorter term resistance is broken

EURUSD Forecast and Technical Analysis: The shorter term resistance is broken

Published:09-21-2018

Pair / Instrument:EURUSD

Fundamentals: Three reasons for DXY Sell off:

  1. Failed trade talks with Canada.
  2. 10% Trade tariffs – expected 25% –
  3. China’s reaction against the tariffs and assertion it will not devalue its currency.

Technicals:

Weekly Chart: Neutral. EURUSD is in the upper Bollinger Bands and testing the EMA 50 resistance.

Daily Chart: Strongly Bullish. Testing the MM +1/8 overshoot line 1.17800. Above the cloud and further possible upside move. Break above will carry the price 1.18500.

Intraday Key Levels:

Upside:  1.18100 – 1.18500 – 1.18700 – 1.19010

Downside: 1.17490 – 1.17200 – 1.16900

Our Comments: The pair broke the 1.17270 resistance with a strong bullish candle. 1.18100 and 1.18500 will be the targets of the pair. However, we think that the pair will be meeting the sellers pressure at 1.18500. Bullish movement will continue as long as the pair holds above 1.17200 support.

Potential pullbacks can be used as buying opportunites targeting 1.18100 and 1.18500. We will look for a selling opportunity at 1.18500 or at the breakout of 1.17200 support.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

EURUSD Forecast : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibilit

 

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