EU Session Bullet Report – EURUSD recovers while USD remains Strong versus Rest

1

EURUSD has recovered from the recent USD strength and has tested 1.12 during the late US session. There is s significant resistance at 1.1215 followed by 1.1245. Markets will await fresh clues from the German Ifo Business climate and GFK consumer sentiment releases later in the day.

USDCAD posted a new high after Canadian Retail Sales came up at 0.5% versus 0.7% expected. USDCAD reached 1.3360 – levels not seen since 2004. GBPUSD is struggling following the break of key 1.5330 support. The Old lady has fallen as low as 1.5215, with 1.5160 now very possible.

Although we have a strong USD overall, USDJPY was sold off and broke 120.00 after Tokyo markets opened following a 3 day holiday. The last anti-hero was AUDUSD which is on its course to meet 0.6905 – this year’s low after the pair broke the psychological support of 0.70

From US, jobless claims, durable goods and new home sales will be released later in the afternoon.

Trading quote of the day:

“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.”

– Peter Lynch

EURUSD
Pivot: 1.1105
Likely scenario: Long positions above 1.1105 with targets @ 1.1255 & 1.132 in extension.
Alternative scenario: Below 1.1105 look for further downside with 1.102 & 1.097 as targets.

GBPUSD
Pivot: 1.531
Likely scenario: Short positions below 1.531 with targets @ 1.52 & 1.515 in extension.
Alternative scenario: Above 1.531 look for further upside with 1.538 & 1.543 as targets.
Comment: As long as 1.531 is resistance, look for choppy price action with a bearish bias.

 

AUDUSD
Pivot: 0.706
Likely scenario: Short positions below 0.706 with targets @ 0.697 & 0.694 in extension.
Alternative scenario: Above 0.706 look for further upside with 0.709 & 0.712 as targets.
Comment: The RSI is bearish and calls for further downside.

3

USDJPY
Pivot: 119.6
Likely scenario: Long positions above 119.6 with targets @ 120.55 & 121 in extension.
Alternative scenario: Below 119.6 look for further downside with 119.35 & 119 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

4

USDCAD
Pivot: 1.327
Likely scenario: Long positions above 1.327 with targets @ 1.335 & 1.34 in extension.
Alternative scenario: Below 1.327 look for further downside with 1.3225 & 1.317 as targets.
Comment: The RSI is mixed to bullish.

5

USDCHF
Pivot: 0.973
Likely scenario: Long positions above 0.973 with targets @ 0.9825 & 0.986 in extension.
Alternative scenario: Below 0.973 look for further downside with 0.9675 & 0.964 as targets.
Comment: The RSI is around its neutrality area at 50%

6

GOLD
Pivot: 1136
Likely scenario: Short positions below 1136 with targets @ 1121 & 1116 in extension.
Alternative scenario: Above 1136 look for further upside with 1142 & 1148 as targets.
Comment: Intraday technical indicators are mixed and call for caution.

7

OIL
Pivot: 46.1
Likely scenario: Short positions below 46.1 with targets @ 43.85 & 43.3 in extension.
Alternative scenario: Above 46.1 look for further upside with 46.9 & 47.4 as targets.
Comment: The RSI broke below a bullish trend line.

8

DAX
Pivot: 9780
Likely scenario: Short positions below 9780 with targets @ 9320 & 9235 in extension.
Alternative scenario: Above 9780 look for further upside with 10020 & 10175 as targets.
Comment: As long as the resistance at 9780 is not surpassed, the risk of the break below 9320 remains high.

9

Important note: These technical and research reports are provided to easy-forex® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easy-forex® to you to engage in any trade. Hence, easy-forex® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easy-forex®. If you do not agree to this, you are strongly advised not to use these reports.

11

TIME IS IN GMT(+3)

Report prepared by the easy-forex VIP desk at 06:20 GMT.

The post EU Session Bullet Report – EURUSD recovers while USD remains Strong versus Rest appeared first on Forex.Info.

Source:: EU Session Bullet Report – EURUSD recovers while USD remains Strong versus Rest

About the Author
With over a decade of trading expertise and 100,000 fulfilled clients in 160 countries worldwide, easyMarkets will tick all your boxes whether you are a new or experienced trader, affiliate or introducing broker. [space height="20"] Trade 300+ markets including currencies, commodities, metals, vanilla options and indices from one place without the jargon, complicated offers and confusing terms! [space height="20"] Welcome to the exciting world of trading. Welcome to easyMarkets.

Related Posts

Leave a Reply

*