The common European currency remained stable against the Greenback on Friday. Even though technical indicators showed signs of recovery and were actually edging higher during the day, the pair failed to gather the necessary bullish momentum to dash through 1.1680. This significant resistance cluster is formed by the 55-, 100– and 200-period SMAs both on the 1H and 4H time-frames.
This session lacks important fundamental releases, so it is likely that the given level remains intact today, as well. Given all this into account, it is expected that the Euro weakens and tries to approach the bottom boundary of a two-month symmetrical triangle and the weekly S1 at 1.16.
By and large, the Euro should hinder near the 1.1680 for a few sessions prior to breaching this mark and surging towards 1.1750.
This session lacks important fundamental releases, so it is likely that the given level remains intact today, as well. Given all this into account, it is expected that the Euro weakens and tries to approach the bottom boundary of a two-month symmetrical triangle and the weekly S1 at 1.16.
By and large, the Euro should hinder near the 1.1680 for a few sessions prior to breaching this mark and surging towards 1.1750.
Comment:
The Euro edged higher during the morning hours on Tuesday. This appreciation was stopped by the weekly R1 at 1.1740 which increased considerably downside pressure on the pair. As a result, the rate plunged 0.40% during the following hours.
The pair has been moving through all three SMAs without any hindrance since last week. This session was not an exception, as the Euro breached the 55-, 100– and 200-hour SMAs early on Wednesday.
Technical indicators are bullish today which means that the rate should return above these SMAs and aim for the two-week resistance at 1.1750 once again.
In general, this session is full of important fundamentals, including the FOMC rate statement; thus, the possible trading range is quite wide—the 1.1600/1.1760 area.
The Euro edged higher during the morning hours on Tuesday. This appreciation was stopped by the weekly R1 at 1.1740 which increased considerably downside pressure on the pair. As a result, the rate plunged 0.40% during the following hours.
The pair has been moving through all three SMAs without any hindrance since last week. This session was not an exception, as the Euro breached the 55-, 100– and 200-hour SMAs early on Wednesday.
Technical indicators are bullish today which means that the rate should return above these SMAs and aim for the two-week resistance at 1.1750 once again.
In general, this session is full of important fundamentals, including the FOMC rate statement; thus, the possible trading range is quite wide—the 1.1600/1.1760 area.
EUR/USD has diminished its trading range in between two trend-lines. It was previously expected that the Euro weakens against the US Dollar on Monday; however, the week started with strong bullish momentum which allowed the pair to dash through significant resistance formed by the 55-, 100– and 200-hour SMAs near 1.1680 mid-session.
It is likely that this cluster supports the rate today, thus adding bullish pressure. The pair should move towards a two-week resistance level at 1.1755. The 23.60% Fibo retracement is likewise located there.
If this area is surpassed, the Euro should eventually accelerate and aim for 1.19 within the following month. This scenario is supported by technical indicators on the daily time-frame.