Wednesday, August 2, 2017
What level could be the next resistance on the EUR/USD?
The
EUR/USD seems unstoppable. The pair has reached the 1.1900 zone and keeps its
bullish trend as shown on the weekly chart. The EUR/USD has broken above the 55
week EMA around the 1.0900 level and above the 200 week EMA around the 1.1600
level. From this point there are no more relevant resistance on sight, but any
of the round number levels like the 1.1900 or the 1.2000 levels could act as
resistance. The 1.2000 level has a high probability of acting as resistance due
to the fact that it is a psychological level. The higher an instrument rises,
the higher the probabilities of it correcting to the downside. Therefore, we
could see a pullback on the EUR/USD at any moment. The possibility of the
European Central Bank adjusting its monetary policy has kept the Euro rising,
but the day that the rumors become real, we could see a retracement on the
Single Currency on the back of a profit taking spree.
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ReplyDelete1.19 could be a good turning point.
ReplyDeleteGood info!
ReplyDeleteVery helpful asesssment!
ReplyDeleteIt's consolidating before the fundamentals tomorrow.
ReplyDeleteThe general trading is changing, in my opinion. The "parity" is delayed.
ReplyDeleteIt fell considerably after the NFP today.
ReplyDeleteGreat analysis as usual.
ReplyDelete