EURUSD Technical Overview:
Pivot: 1.1735
Day Trading Range: 1.1735 - 1.1860
Key Support: 1.1768 - 1.1738 - 1.1718 - 1.1694
Key Resistance: 1.1815 - 1.1834 - 1.1858 - 1.1888
Technical Indicators:
RSI The RSI moving 70 level & its having more space for overbought condition.
MACD: MacD having Bullish trend ahead.
Moving Average: SMA 20 (1.1709) & SMA 55 (1.1661) are strong support for EURUSD.
Technical Trade Idea:
Most Likely Scenario: long positions above 1.1735 with targets at 1.1810 & 1.1835 in extension.
Alternative scenario: below 1.1735 look for further downside with 1.1718 & 1.1688 as targets.
Fundamental:
The easing trade tensions and the resulting broad based sell-off in the USD pushed the EUR/USD pair to a 2.5-month high of 1.1785 yesterday. The EUR/USD pair pulled back from the mentioned high during NA market hours yesterday but has regained ground now after the retracement held above the former resistance in the 1.1730 region, where the pair stalled its advance several times these last days, and where it set its high in August.
The options market data indicate the investors are expecting the common currency to extend gains further and hence are likely unwinding bearish bets which support the pair’s bullish momentum and also indicate consolidation above 1.17 handle.
Although the weekly jobless claims and the Philly Fed Manufacturing data from the U.S. came in better than analysts’ estimates, the index failed to make a meaningful recovery. EURO bulls were further supported by comments from ECB chief economist Peter Praet in New York where he said that the euro area economy was expanding at a rate above its potential and added that he was confident about the inflation rate converging with the bank’s target.
Looking ahead, the EUR could raise above 1.18 if the preliminary Eurozone PMI numbers, scheduled for release today, beat estimates and the risk assets remain well bid. When looking from technical perspective, the EUR/USD could revisit former resistance-turned-support level of 1.1750 before building on a bullish close above 1.17, as the hourly chart is showing a bearish divergence of the relative strength index.
Thanks
YoCryptoManic
Pivot: 1.1735
Day Trading Range: 1.1735 - 1.1860
Key Support: 1.1768 - 1.1738 - 1.1718 - 1.1694
Key Resistance: 1.1815 - 1.1834 - 1.1858 - 1.1888
Technical Indicators:
RSI The RSI moving 70 level & its having more space for overbought condition.
MACD: MacD having Bullish trend ahead.
Moving Average: SMA 20 (1.1709) & SMA 55 (1.1661) are strong support for EURUSD.
Technical Trade Idea:
Most Likely Scenario: long positions above 1.1735 with targets at 1.1810 & 1.1835 in extension.
Alternative scenario: below 1.1735 look for further downside with 1.1718 & 1.1688 as targets.
Fundamental:
The easing trade tensions and the resulting broad based sell-off in the USD pushed the EUR/USD pair to a 2.5-month high of 1.1785 yesterday. The EUR/USD pair pulled back from the mentioned high during NA market hours yesterday but has regained ground now after the retracement held above the former resistance in the 1.1730 region, where the pair stalled its advance several times these last days, and where it set its high in August.
The options market data indicate the investors are expecting the common currency to extend gains further and hence are likely unwinding bearish bets which support the pair’s bullish momentum and also indicate consolidation above 1.17 handle.
Although the weekly jobless claims and the Philly Fed Manufacturing data from the U.S. came in better than analysts’ estimates, the index failed to make a meaningful recovery. EURO bulls were further supported by comments from ECB chief economist Peter Praet in New York where he said that the euro area economy was expanding at a rate above its potential and added that he was confident about the inflation rate converging with the bank’s target.
Looking ahead, the EUR could raise above 1.18 if the preliminary Eurozone PMI numbers, scheduled for release today, beat estimates and the risk assets remain well bid. When looking from technical perspective, the EUR/USD could revisit former resistance-turned-support level of 1.1750 before building on a bullish close above 1.17, as the hourly chart is showing a bearish divergence of the relative strength index.
Thanks
YoCryptoManic