EURUSD Daily Forex Analysis
This post is all about today’s analysis of EURUSD. The EURUSD Forex Trading Analysis will help the traders to get the ideas for trading this pair.
EURUSD Long From The Bottom
Broad dollar strength dragged EURUSD to a low of 1.1135 during the European session, from where it bounced, only to find sellers at the 1.1180 zone. The pair has fallen all the way back to 1.1145, where it was last trading, 0.26% below its opening price. Data releases in both the Eurozone and the US economy passed largely unnoticed, leaving EURUSD in the search for direction. On Friday, main economic releases include several European GDP, including EMU, German CPI and US retail sales.
EURUSD Bullish/Bearish Zone
Spot was offered around 1.1190 levels yesterday, which is the resistance of the falling trendline coming from June 24 high – Aug 2 high. Prices dropped to a low of 1.1131 in early Asia today before recovering to near 1.1145 levels. The focus today is on the US advance retail sales number. Eurozone industrial production and GDP numbers may come and go without much fanfare unless the data significantly higher/lower than consensus estimates (EURUSD Forex Trading Analysis).
EURUSD Short Trade
In terms of technicals, the pair finds the immediate resistance 1.1207 (100-DMA). A break beyond the last, doors will open for a test of 1.1250 (psychological levels). On the flip side, the immediate support is placed at 1.1127/16 (200 & 50-DMA) below which 1.1100/1.1096 (round number/ 20-DMA) could be tested.
EURUSD Forex Trading Analysis
EURUSD is back headed toward daily lows, after repeatedly failing to extend gains beyond the 1.1190 area on Thursday. The Euro initially fell during the course of the day on Thursday, but as you can see bounced significantly in order to form a bit of a hammer. Obviously, the hammer is one of the stronger signals that you can get in the market and therefore I do think that we are going to go higher from here.
EURUSD Possible Bullish
The EURUSD pair held on to its gains around 1.1150 region following the release of in-line with estimates Euro-zone GDP print for Q2 2016. According to a flash estimate published by Eurostat, the Euro area seasonally adjusted GDP rose by 0.3% during the second quarter of 2016. The reading matched consensus estimates but showed slight deteriorating as compared to 0.6% growth recorded in the first quarter of 2016.On a follow through buying interest above 1.1150 region, the pair is likely to make a fresh attempt to reclaim 1.1200 handle, which if conquered should lift the pair towards the very important 100-day SMA resistance near 1.1230 region (EURUSD Forex Trading Analysis).
Data releases in both the Eurozone and the US economy passed largely unnoticed, leaving EUR/USD in the search for direction. On Friday, main economic releases include several European GDP, including EMU, German CPI and US retail sales.