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EURUSD Technical Overview and Trade Opportunities

EURUSD Technical Overview and Trade Opportunities

EURUSD remains under bearish pressure as expected and we have reached our sub-target of 1.12700.

The daily releases showed that the EU manufacturing sector remains in contraction territory, while US activity improved in June. According to Markit, German manufacturing PMI in June resulted at 45.0, its highest in four months, but below the market’s expectation of 45.4. For the whole EU, the index printed 47.6, missing the market’s expectations and at its lowest in three months. In the US, on the contrary, the index beat expectations by printing 50.6, while the most relevant official ISM Manufacturing PMI for the same month was also upbeat by resulting at 51.7 vs.50.1 expected.

Latest hawkish comments from Powell vs dovish ECB add weight on the pair.

Today Germany Retail sales data will be released. A worse than expected data may send the pair below 1.12700.

Technically:

The pair is trading below EMA50 and SMA100 H4.

On the upside, the key resistance resides @ 1.13500  and potential pullbacks towards 1.13500 can be used as a selling opportunity.

Some bullish divergence on the H1 charts indicates a retracement but the upside is capped by SMA100 at 1.13100.

A firm breakout of 1.12400 may start the fresh sell of towards 1.11800.

Key Levels:

Upside: 1.13220 1.13520 1.13830

Downside: 1.12630   1.12480  1.12080  1.11800

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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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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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