European Session EURUSD Brexit deal improves risk sentiments
EURUSD Technical Overview
Pivot: 1.1565
Day Trading Range: 1.1680 - 1.1585
Key Resistance: 1.1635 - 1.1655 -1.1678
Key Support: 1.1600 - 1.1580 - 1.1565
Most Likely Scenario: long positions above 1.1565 with targets at 1.1635 & 1.1655 in extension.
Alternative scenario: below 1.1565 look for further downside with 1.1545 & 1.1525 as targets.
Fundamental:
The European Union’s chief negotiator raised hopes of a deal for Britain to leave the economic bloc being struck in the coming weeks. Monday’s reports that Michel Barnier, the EU’s top negotiator, told a forum in Slovenia that it was “realistic” to expect a Brexit deal in six to eight weeks helped improve risk sentiment in market in favor of British Pound and EURO as successful negotiations on Brexit talks will be advantageous to European Union economy as well. As of writing this article, the pair is trading flat at 1.1600 up 0.06% on the day. The EUR/USD could gain altitude in the near-term, having defended the key 20-day MA support yesterday despite strong US data.
Further, the 10-year Italy-Germany yield spread has dropped more than 50 basis points in the last six days, indicating easing concerns regarding Italy’s fiscal health. As a result, the EUR looks set to gain altitude in the near-term. The rally could gather pace if the German ZEW survey indices, due for release at 09:00 GMT, beats estimates and pushes the currency pair above the trend line sloping downwards from the Aug. 30 low and Sep. 6 low.
Thanks
YoCryptoManic
Pivot: 1.1565
Day Trading Range: 1.1680 - 1.1585
Key Resistance: 1.1635 - 1.1655 -1.1678
Key Support: 1.1600 - 1.1580 - 1.1565
Most Likely Scenario: long positions above 1.1565 with targets at 1.1635 & 1.1655 in extension.
Alternative scenario: below 1.1565 look for further downside with 1.1545 & 1.1525 as targets.
Fundamental:
The European Union’s chief negotiator raised hopes of a deal for Britain to leave the economic bloc being struck in the coming weeks. Monday’s reports that Michel Barnier, the EU’s top negotiator, told a forum in Slovenia that it was “realistic” to expect a Brexit deal in six to eight weeks helped improve risk sentiment in market in favor of British Pound and EURO as successful negotiations on Brexit talks will be advantageous to European Union economy as well. As of writing this article, the pair is trading flat at 1.1600 up 0.06% on the day. The EUR/USD could gain altitude in the near-term, having defended the key 20-day MA support yesterday despite strong US data.
Further, the 10-year Italy-Germany yield spread has dropped more than 50 basis points in the last six days, indicating easing concerns regarding Italy’s fiscal health. As a result, the EUR looks set to gain altitude in the near-term. The rally could gather pace if the German ZEW survey indices, due for release at 09:00 GMT, beats estimates and pushes the currency pair above the trend line sloping downwards from the Aug. 30 low and Sep. 6 low.
Thanks
YoCryptoManic
Trade closed: target reached:
We have completed our target 1.1585 level, made 55 pips in one way and other 30 pops in other way.