Fundamentally:
Thin data day for the market on the Euro Side.
The market will be focusing on Powell’s Senate testimony in the upcoming US Session.
U.S. Industrial Production and Capacity Utilization figures for June will be releasing.
Technically:
Daily Chart: EURUSD trading in the upper Bollinger Band, however, it is below EMA 50 which is currently located at 1.17800.
H4 Chart: The pair is trading above EMA 50, testing MM 4/8 Major Support of 1.17200. The broadening Bollinger Bands indicate a possible 50-60 pips movement on the pair.
Key Levels for Today:
On the Upside: 1.17500 1.17800 1.18100
On the Downside: 1.16880 1.16570 1.16270
Conclusion: We may see the pair testing 1.17500 and 1.17800 if it breaks above 1.17200 resistance during the London Session. Slightly higher volatility will be waiting for the markets during US session due to Powell’s testimony and US Data.
The midterm trend is bearish and will remain bearish as long as the price CAN NOT make Daily Closings above 1.18500.
Thin data day for the market on the Euro Side.
The market will be focusing on Powell’s Senate testimony in the upcoming US Session.
U.S. Industrial Production and Capacity Utilization figures for June will be releasing.
Technically:
Daily Chart: EURUSD trading in the upper Bollinger Band, however, it is below EMA 50 which is currently located at 1.17800.
H4 Chart: The pair is trading above EMA 50, testing MM 4/8 Major Support of 1.17200. The broadening Bollinger Bands indicate a possible 50-60 pips movement on the pair.
Key Levels for Today:
On the Upside: 1.17500 1.17800 1.18100
On the Downside: 1.16880 1.16570 1.16270
Conclusion: We may see the pair testing 1.17500 and 1.17800 if it breaks above 1.17200 resistance during the London Session. Slightly higher volatility will be waiting for the markets during US session due to Powell’s testimony and US Data.
The midterm trend is bearish and will remain bearish as long as the price CAN NOT make Daily Closings above 1.18500.
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