EUR/USD: the pair is striving to reach August maximums
06 September 2017, 14:09
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 1.1933 |
| Take Profit | 1.1990, 1.2030, 1.2070 |
| Stop Loss | 1.1830 |
| Key Levels | 1.1550, 1.1670, 1.1730, 1.1760, 1.1800, 1.1860, 1.1885, 1.1900, 1.1960, 1.1990, 1.2030, 1.2070, 1.2100, 1.2150, 1.2230 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY LIMIT |
| Entry Point | 1.1900, 1.1885 |
| Take Profit | 1.1990, 1.2030, 1.2070 |
| Stop Loss | 1.1830 |
| Key Levels | 1.1550, 1.1670, 1.1730, 1.1760, 1.1800, 1.1860, 1.1885, 1.1900, 1.1960, 1.1990, 1.2030, 1.2070, 1.2100, 1.2150, 1.2230 |
Current trend
During August the European currency has considerably strengthened against USD, and the pair has reached a new local maximum at 1.2070. Later on the demand for the European currency started to fall in view of fixing long positions in the pair EUR/USD. Starting from early September the pair moved to the upward channel due to the absence of important macroeconomic data from the USA and Eurozone.
The main releases that may influence the dynamics of the pair will be published in the end of the current week. The data on the labor market and construction sector will be released from the USA, and Eurozone will respond with the data on economic growth rate for Q2 and ECB decision on the interest rates.
Support and resistance
Technical indicators confirm gradual growth forecast. The volume of long position in MACD indicator is starting to grow again, and the upper line of Bollinger Bands in D1 chart is showing the next target of the pair in the short term. The most likely variant is slow strengthening of the pair aiming at the local maximum of 1.2070 in the short term.
Support levels: 1.1900, 1.1885, 1.1860, 1.1800, 1.1760, 1.1730, 1.1670, 1.1550.
Resistance levels: 1.1960, 1.1990, 1.2030, 1.2070, 1.2100, 1.2150, 1.2230.
Trading tips
It is reasonable to open long positions from the current level and to open pending long positions from key support levels at 1.1900, 1.1885 with targets at 1.1990, 1.2030, 1.2070. Stop-loss may be placed at 1.1830.
During August the European currency has considerably strengthened against USD, and the pair has reached a new local maximum at 1.2070. Later on the demand for the European currency started to fall in view of fixing long positions in the pair EUR/USD. Starting from early September the pair moved to the upward channel due to the absence of important macroeconomic data from the USA and Eurozone.
The main releases that may influence the dynamics of the pair will be published in the end of the current week. The data on the labor market and construction sector will be released from the USA, and Eurozone will respond with the data on economic growth rate for Q2 and ECB decision on the interest rates.
Support and resistance
Technical indicators confirm gradual growth forecast. The volume of long position in MACD indicator is starting to grow again, and the upper line of Bollinger Bands in D1 chart is showing the next target of the pair in the short term. The most likely variant is slow strengthening of the pair aiming at the local maximum of 1.2070 in the short term.
Support levels: 1.1900, 1.1885, 1.1860, 1.1800, 1.1760, 1.1730, 1.1670, 1.1550.
Resistance levels: 1.1960, 1.1990, 1.2030, 1.2070, 1.2100, 1.2150, 1.2230.
Trading tips
It is reasonable to open long positions from the current level and to open pending long positions from key support levels at 1.1900, 1.1885 with targets at 1.1990, 1.2030, 1.2070. Stop-loss may be placed at 1.1830.
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