EURUSD Forecast And Technical Analysis
- Latest disappointing Eurozone fundamentals incl. Italian Budgetary concerns, ZEW Economic Survey, unporimising Eurozone macroeconomic figures and looming trade tensions put EURUSD under seeling pressure.
- The pair is not able to find buyers above 1.16000.
- The divergent monetary policy remains unchanged. Fed is likely to go four rate hikes next year while ECB keeps the monetary policy unchanged.
- Today Eurozone CPI and FOMC minutes will be released. A clear statement of rate hikes will may send the pair 1.14000 – 1.13000 zone again.
The pair was not able to break above 1.16270 key resistance. All selling orders started to work above 1.16100 and pair dropped and closed the day below 1.16000. Shorter term rising trend line has been broken at 1.15800 and the pair is trading at 1.155000 as of writing.
On the daily chart, the pair could not break and close above EMA 50 resistance. However we see a rising trend line and USD bulls must break this trend line to push the pair 1.14000 – 1.13000 region.
Key Levels to watch:
Downside: The pair needs to break and makes firm closing below 1.15100 in order to continue its bearish movement. 1.14700 and 1.144500 will be the nest targets of the pair if it breaks 1.15100 support.
Upside: Breakout of 1.15950 may carry the price 1.16270 where the shorter term key resistance resides. We can not talk about a midterm trend reversal as long as the pair holds below 1.16270.
Midterm Traders may add short positions at the current level of 1.15550 , stop loss above 1.16270 targeting 1.15100, 1.14700 and 1.145000.
Update: Targets Reached 100 Pips.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD Forecast And Technical Analysis 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 responsibility.