EURUSD is an interesting pair to watch this week. This pair made a recent high at 1.1910 on 3 August 2017 and retraced to 1.1688 in a matter of one week's time. Investors like you may be wondering this pair's movement in the following week. From a technical outlook, this pair had a 2-tailed bottom formation last week with a bullish bar on 11 August 2017. Therefore, this pair has a near-term upward directional bias.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair reach the recent high of 1.1910 but it will face a very strong resistance at 1.2050. On the other hand, if there is a sudden change of the directional bias on this pair, we could potentially see this pair retrace to 1.1640 as our first target level, and if this level cannot provide the necessary support, EUR/USD could potentially be retraced to 1.1570.
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Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.
Based on our forecast, if the bullish momentum continues, we could potentially see this pair reach the recent high of 1.1910 but it will face a very strong resistance at 1.2050. On the other hand, if there is a sudden change of the directional bias on this pair, we could potentially see this pair retrace to 1.1640 as our first target level, and if this level cannot provide the necessary support, EUR/USD could potentially be retraced to 1.1570.
DISCLAIMER
Our research materials are provided for information purposes only. They should not be used or considered as an offer to sell or a solicitation of an offer to buy any securities. The research materials are prepared for general circulation and general information only. They do not take into account the specific investment objectives, investment knowledge and experience and financial situation of any recipient. Investors seeking to buy or sell any securities discussed or recommended in our research materials, should seek independent financial advice relating thereto and make his/her own appraisal of the tax or other financial merits of the investment.
Any opinions expressed are subject to change without prior notice. Our research materials are based on information from various sources believed to be reliable. Although all reasonable care has been taken to ensure that such information is not misleading, we make no guarantee, representation or warranty, expressed or implied as to its accuracy, adequacy or completeness. We do not accept any liability whatsoever for any direct, indirect or incidental, special or consequential loss of any kind arising out of the use or reliance on the information in our research materials.