we can see this pair broke our resistance line and now its our support line. German Zew economic news releasing tomorrow morning and the forecast may lead this pair to gain more strength towards 1.1400. EURUSD 1.1302
AS we can see there is a good 2:1 long setting up on the EURUSD.
Price has pushed down to the untouched zone and we are seeing more buying pressure froths level.
The 2 hour chart shows a strong moved down with that engulfing candle which will offer little resistance to the upside at around the 1.15200 level
Entered into a long position with the Aussie Dollar this morning (as per my previous analysis) and knowing EURUSD moves in conjunction the analysis lined up for a long position on this pair also. Stop loss now at break even and looking at shifting it into profit as it reaches the higher levels later today.
Fundamental Analysis
We had a rate hike from the FOMC which was pretty well priced into the market and with the recent china tariff plan from Donald Trump we move a step away from a trade war which should bring back some risk appetite into the Euro.
Technical Analysis
The Price made some headway to the upside and recently pulled back to its breakout level,...
Eur/Usd - H4 - still see more upside potential for this pair now that it has broken multiple weekly resistance and also closed above weekly resistance. targets 1.19
EURUSD bounced off 38.2 fib @ 1.0845, confluence with Horizontal support. Went Long at 1.0870 adding on pullback to 1.0890 area. Initial resistant at 1.0952 which is 6.8 fib of 1.0255/1.0840 or at 1.0980 (78.6 fib).
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