EURUSD Forecast And Technical Overview:
I hate repeating myself and writing the same things over and over again. One More Time: “The Global Dollar Rally has not started yet.”
- There is a strong demand for the U.S Dollar.
- Core PCE Price Index (YoY) (Jul) released: 1.6% as expected. – Just at the lower limit of the FED’s target –
- The U.S. Personal Spending rose 0.6% vs 0.4% Market Consensus.
- The eurozone is covered by dark clouds. Political problems inside the union, Brexit, continuous disappointing data set from Germany – the locomotive of Eurozone economy –
We have reached our first near term target at 1.09900, as I have mentioned in my previous forecast ” ECB’s “impactful and significant” stimulus package“,
As seen on the H4 chart, a Bullish Butterfly completed at D. We may see a minor retracement towards 1.10200 – 1.10600 as a technical correction. – Details of the pattern have been published in the channels and trading room –
We will use potential pullbacks as a selling opportunity.
Intrada Day Levels:
Upside: 1.10160 1.10300 1.10450 ( H4 Closing above 1.10600 will change the trend nearterm from bearish to neutral
Downside: 1.09500 1.09250 1.08800
Intraday Trade Opportunities:
Bullish Butterfly as posted.
Sell the Pullbacks towards 1.10400
Our medium-term targets: 1.08800 and 1.07600
And Global Dollar Rally will start when EURUSD closes below 1.08800.
New patterns may appear and some emerging patterns may become invalidated. We publish our live charts D1 H4 H1 and M30 with updates and entry alerts. – Members Only –
Entry alerts with targets will be sent to members.
Link to EURSD Live Charts: EURUSD Live Charts
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