European Session EURUSD eye on ECB & US CPI Data
EURUSD Technical Overview:
Pivot: 1.1610
Key Resistance: 1.1655 - 1.1678 - 1.1700 - 1.1734
Key Support: 1.1600 - 1.1574 - 1.1555 - 1.1528
Technical Indicators:
RSI: Indicator shows upside bias, moving above 50 level.
MACD: MacD having buyer side volume.
Moving Avg: SMA100 (1.1617) & SMA55 (1.1603) support for the day.
Technical Most Likely Scenario: long @ 1.1627 with targets @ 1.1650 & 1.1670 in extension.
Technical Alternative scenario: below 1.1610 look for further downside with 1.1585 & 1.1570 as targets.
Fundamental:
The EUR/USD has cleared a key trendline resistance, possibly on renewed hopes of US-China trade talks. The ECB is widely expected to keep rates unchanged, so the focus is on the latest staff forecasts and Draghi's tone at the presser.
The markets are expecting President Draghi to sound dovish today, courtesy of the recent slide in inflation. More importantly, the ECB's QE tapering is set to begin next month and hence, the bank will likely adopt a dovish stance to cushion the bond markets and the economy from the impact of the drop in the bond purchases.
As a result, the bull breakout witnessed in the EUR/USD 4-hour chart could fail, especially if the US August CPI, due at 12:30 GMT, beats estimates by a wide margin, reinforcing hawkish Fed expectations.
On the other hand, if Draghi sounds neutral/hawkish, then the common currency could quickly jump to the recent highs above 1.1700.
Thanks
YoCryptoManic
Pivot: 1.1610
Key Resistance: 1.1655 - 1.1678 - 1.1700 - 1.1734
Key Support: 1.1600 - 1.1574 - 1.1555 - 1.1528
Technical Indicators:
RSI: Indicator shows upside bias, moving above 50 level.
MACD: MacD having buyer side volume.
Moving Avg: SMA100 (1.1617) & SMA55 (1.1603) support for the day.
Technical Most Likely Scenario: long @ 1.1627 with targets @ 1.1650 & 1.1670 in extension.
Technical Alternative scenario: below 1.1610 look for further downside with 1.1585 & 1.1570 as targets.
Fundamental:
The EUR/USD has cleared a key trendline resistance, possibly on renewed hopes of US-China trade talks. The ECB is widely expected to keep rates unchanged, so the focus is on the latest staff forecasts and Draghi's tone at the presser.
The markets are expecting President Draghi to sound dovish today, courtesy of the recent slide in inflation. More importantly, the ECB's QE tapering is set to begin next month and hence, the bank will likely adopt a dovish stance to cushion the bond markets and the economy from the impact of the drop in the bond purchases.
As a result, the bull breakout witnessed in the EUR/USD 4-hour chart could fail, especially if the US August CPI, due at 12:30 GMT, beats estimates by a wide margin, reinforcing hawkish Fed expectations.
On the other hand, if Draghi sounds neutral/hawkish, then the common currency could quickly jump to the recent highs above 1.1700.
Thanks
YoCryptoManic
Trade active:
US Session Technical Overview
Most Likely Scenario: short positions below 1.1645 with targets at 1.1585 & 1.1570 in extension.
Alternative scenario: above 1.1645 look for further upside with 1.1670 & 1.1690 as targets.
Most Likely Scenario: short positions below 1.1645 with targets at 1.1585 & 1.1570 in extension.
Alternative scenario: above 1.1645 look for further upside with 1.1670 & 1.1690 as targets.
Trade closed: target reached:
According to our analysis we have got 1.1700 level, we made 90 pips in this trade.