The situation on the currency pair remained virtually unchanged. At the moment we find ourselves in a hypothetical channel growth. Limitations of the channel coincides with a zone of resistance and support levels 1,12-1,1215 and 1,1270-95. Overcoming any of these levels will indicate the future direction for the currency pair discussed.
The outlook for the EUR / USD on Wednesday:
Eurodollar at all times is above the level 1,12-1,1215, which may suggest further increases in the level around 1.1295 (maximum 24 September). However, please note that due to tomorrow's data, and speech Fed Chairman Janet Yellen, the scale of growth should be limited. In my opinion, if it comes again to the next growth area 1,1270-95 we should see the activation of a supply side. The supply should be supported by data and arguments Janet Yellen about this year's interest rate hikes. In this case, the first place we should see declines in the vicinity of 1,12-1,1215 level. Then, if the supply will overcome this support will open the way toward lower price levels of around 1.1155 and 1.1115.
In an alternative version we will see further increases in around 1.1328 (peak of 21 September). If the demand will be able to overcome w / the resistance we may be witnessing the return of the recent peaks. However, I think is unlikely.
A variant more likely on Wednesday, is a variant with a predominance of declines, while the broader term dollar should gain (if any action from the ECB and its expectations for interest rate hikes in the US).
The outlook for the EUR / USD on Wednesday:
Eurodollar at all times is above the level 1,12-1,1215, which may suggest further increases in the level around 1.1295 (maximum 24 September). However, please note that due to tomorrow's data, and speech Fed Chairman Janet Yellen, the scale of growth should be limited. In my opinion, if it comes again to the next growth area 1,1270-95 we should see the activation of a supply side. The supply should be supported by data and arguments Janet Yellen about this year's interest rate hikes. In this case, the first place we should see declines in the vicinity of 1,12-1,1215 level. Then, if the supply will overcome this support will open the way toward lower price levels of around 1.1155 and 1.1115.
In an alternative version we will see further increases in around 1.1328 (peak of 21 September). If the demand will be able to overcome w / the resistance we may be witnessing the return of the recent peaks. However, I think is unlikely.
A variant more likely on Wednesday, is a variant with a predominance of declines, while the broader term dollar should gain (if any action from the ECB and its expectations for interest rate hikes in the US).