FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
59,470,595Confirmed
1,401,384Deaths
41,113,400Recovered
Fetching Location Data…
Advertisement
Advertisement
James Hyerczyk
EuroDollar Notes

The Euro is trading higher shortly before the U.S. market opening. The single-currency is being supported by a weaker U.S. Dollar. The dollar is under pressure due to the growing view that U.S. economic growth may have peaked. Additionally, dovish Fed comments on Friday are encouraging dollar investors to pare positions and take profits after the greenback hit a 16-month high last week.

At 1127 GMT, the EUR/USD is trading 1.1422, up 0.0006 or +0.05%.

Daily EUR/USD

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, the Forex pair has crossed to the strong side of a short-term retracement zone, suggesting momentum has shifted to the upside.

The main trend will change to up on a move through 1.1501. A trade through 1.1216 will signal a resumption of the downtrend.

The short-term range is 1.1501 to 1.1216. Its retracement zone at 1.1392 to 1.1359 is new support. Trading on the strong side of this zone is helping to give the market its current upside bias.

The next target is a major 50% level at 1.1447.

Advertisement

Daily Technical Forecast

Based on the current price at 1.1422, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to a pair of Gann angles at 1.1416 and 1.1421.

Bullish Scenario

A sustained move over 1.1421 will indicate the presence of buyers. If this move generates enough upside momentum then look for the rally to extend into the 50% level at 1.1447. This is followed closely by another downtrending Gann angle at 1.1461. Another downtrending Gann angle comes in at 1.1481. This is the last potential resistance angle before the 1.1501 main top.

Bearish Scenario

A sustained move under 1.1416 will signal the presence of sellers. If this creates enough downside momentum then look for a retest of the short-term Fibonacci level at 1.1392.

The Fib level at 1.1392 is also the trigger point for an acceleration to the downside with the 50% level at 1.1359 the next major target. The daily opens up to the downside under this level for another acceleration to the downside.

Basically, we’re expecting the upside bias to continue on a sustained move over 1.1421 and for a downside bias to begin on a sustained move under 1.1416.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US