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EURUSD Forecast And Technical Overview

EURUSD Forecast And Technical Overview

We will have a light economic calendar today. Markets will be focusing on trade wars.

EURUSD is trading above EMA 50 on H4 Chart.

Some market players think that  “benign inflation reported by the Labor Department on Friday is seen adding pressure on the Fed to cut rates. As a result, the spread between the two-year US and German government bond yield could slide in the EUR-positive manner, restricting the downside in EUR/USD.”

I will publish a detailed forecast later. EURUSD is a “sell the pullbacks” pair medium term.

The pair must break above 1.12600 in order to continue its near-term bullish move.

H1 Chart:

The pair completed a Bearish Harmonic A Shark Pattern at 1.12490. A small triangle pattern is being printed. Bearish breakdown may trigger the decline.

However, the pair must break 1.12000 support in order to continue its bearish move. Otherwise, sideways trading is likely intraday.

What Can be Done:

A short trade at market price 1.12280 Stop Loss above 1.12500 Targets: 1.12150 1.1200

or

A short trade at the breakout of 1.12000 Targets: 1.11800 1.11620  1.11380

If the pair breaks above 1.12600, we will look for a selling opportunity based on Bearish Gartley which I have published on Friday.

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

EURUSD: 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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