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EURUSD Forecast And Technical Overview

Global Dollar Rally has not started yet.

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.”

Fundamentally:

  • 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 –

Technically:

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

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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