European Session EURUSD Range Bound, Amied Strong $
EURUSD Technical Overview:
Pivot: 1.1575
Day Trading Range: 1.1540 - 1.1635
Key Resistance: 1.1594 - 1.1622 - 1.1635
Key Support: 1.1555 - 1.1528 - 1.1510
Most Likely Scenario: long @ 1.1594 with targets @ 1.1610 & 1.1625 in extension.
Alternative scenario: below 1.1575 look for further downside with 1.1550 & 1.1530 as targets.
Technical Indicators:
StochRSI: The indicator shows upside momentum.
MACD: MacD is having Bullish Divergence Line.
Moving Avg: SMA100 (1.1540) strong support for the day & SMA200(1.1585) short term resistance.
Fundamentals:
A move above 1.1620 could be seen if the treasury yields retreat from the three-week highs clocked yesterday and the Eurozone retail sales, due at 9.30 GMT, beat estimates. However, if the 10-year treasury yield continues to rise, then the EUR/USD could come under pressure. Add to that, an uptick in the Italy-German yield spread could result in the pair testing yesterday’s lows with possibility for a bearish breach on current support level. USD traders returned from the Labor Day long weekend uninspired, but the week could see a return of the Greenback as trade war fears linger in market with investors cautiously observing how market would react once US President Trump implements tariff on Chinese goods worth $200 billion.
Today’s calendar will see Markit composite PMI in Eurozone along with retail sales data and speech by ECB executive board member Peter Praet while US market will see release of trade balance data and Red book data.
Thanks
YoCryptoManic
For Any Question, Please Comment.
Pivot: 1.1575
Day Trading Range: 1.1540 - 1.1635
Key Resistance: 1.1594 - 1.1622 - 1.1635
Key Support: 1.1555 - 1.1528 - 1.1510
Most Likely Scenario: long @ 1.1594 with targets @ 1.1610 & 1.1625 in extension.
Alternative scenario: below 1.1575 look for further downside with 1.1550 & 1.1530 as targets.
Technical Indicators:
StochRSI: The indicator shows upside momentum.
MACD: MacD is having Bullish Divergence Line.
Moving Avg: SMA100 (1.1540) strong support for the day & SMA200(1.1585) short term resistance.
Fundamentals:
A move above 1.1620 could be seen if the treasury yields retreat from the three-week highs clocked yesterday and the Eurozone retail sales, due at 9.30 GMT, beat estimates. However, if the 10-year treasury yield continues to rise, then the EUR/USD could come under pressure. Add to that, an uptick in the Italy-German yield spread could result in the pair testing yesterday’s lows with possibility for a bearish breach on current support level. USD traders returned from the Labor Day long weekend uninspired, but the week could see a return of the Greenback as trade war fears linger in market with investors cautiously observing how market would react once US President Trump implements tariff on Chinese goods worth $200 billion.
Today’s calendar will see Markit composite PMI in Eurozone along with retail sales data and speech by ECB executive board member Peter Praet while US market will see release of trade balance data and Red book data.
Thanks
YoCryptoManic
For Any Question, Please Comment.
Trade active:
US Session Trade Idea:
Most Likely Scenario: short positions below 1.1588 with targets at 1.1528 & 1.1498 in extension.
Alternative scenario: above 1.1588 look for further upside with 1.1618 & 1.1634 as targets.
Focus on US-Canada Trade Talk Result.
Most Likely Scenario: short positions below 1.1588 with targets at 1.1528 & 1.1498 in extension.
Alternative scenario: above 1.1588 look for further upside with 1.1618 & 1.1634 as targets.
Focus on US-Canada Trade Talk Result.