EURUSD Technical and Fundamental Overview July 17th
- Thin data day for the market on the Euro Side.
- The market will be focusing on Powell’s Senate testimony in the upcoming US Session.
- U.S. Industrial Production and Capacity Utilization figures for June will be releasing.
Daily Chart: EURUSD trading in the upper Bollinger Band, however, it is below EMA 50 which is currently located at 1.17800.
H4 Chart: The pair is trading above EMA 50, testing MM 4/8 Major Support of 1.17200. The broadening Bollinger Bands indicate a possible 50-60 pips movement on the pair.
Key Levels for Today:
On the Upside: 1.17500 1.17800 1.18100
On the Downside: 1.16880 1.16570 1.16270
Conclusion: We may see the pair testing 1.17500 and 1.17800 if it breaks above 1.17200 resistance during the London Session. Slightly higher volatility will be waiting for the markets during US session due to Powell’s testimony and US Data.
The midterm trend is bearish and will remain bearish as long as the price DO NOT make Daily Closings above 1.18500.
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DISCLAIMER: This is a technical analysis study, not an 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