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EURUSD Forecast And Technical Overview

EURUSD Forecast And Technical Overview

Published: 07-20-2018

Fundamentals:

  • Fears of currency wars may keep the Euro under pressure.
  • No major data scheduled to release today.
  • Trump’s comments about FED’s decision made a bullish effect on EURUSD.  Dollar Bulls do not feel so confident.
  • The last day of the week. Volumes could be lower and volatility higher as usual.

Technically:

 

EURUSD is trading at 1.16640 as of writing.

The candlestick pattern indicates an indecisive market and the pair will likely adopt a bearish/bullish bias depending on today’s close.

On the four hours chart, the pair is testing the EMA 50 resistance. If the pair breaks above 1.16880, it is likely to test 1.17160.

This level is important as MM 4/8 Major Resistance. As seen on the harmonic chart, at the same level we have a bearish cypher harmonic pattern completion.

Conclusion: 

  • We can not talk about a midterm trend reversal as long as the pair holds below 1.18500.
  • If the pair breaks above 1.16880, it is likely to test 1.17160. If it breaks above a bullish flag would be completed and next week we will likely see the pair testing 1.18000 next week.
  • We will look for a short opportunity at 1.17160.
  • If the pair fails to break above 1.16880 and breaks below 1.16400, it would be the confirmation of the bearish continuation.

 

Rules To Keep In Your Mind:  Trade Safe. Money  Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.

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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 responsibility

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