Fed hikes should help EUR/USD revisit the 1.15 area again
EURUSD Technical Overview:
Pivot: 1.1760
Key Resistance: 1.1765 - 1.1790 - 1.1810 - 1.1845
Key Support: 1.1735 - 1.1720 - 1.1698 - 1.1665
Day Trading Range: 1.1700 - 1.1790
Technical Indicator:
RSI: The indicator shows Bart pattern, moving around 55 level, still in bullish zone above 50.
Moving Average: SMA 20 (1.1730) strong support, SMA 10(1.1761) strong resistance & SMA 50(1.1686) strong support for pair.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1760 with targets at 1.1730 & 1.1710 in extension.
Alternative scenario: above 1.1760 look for further upside with 1.1775 & 1.1800 as targets.
Fundamental:
Intensifying Trade Dispute between China & US Dulls Investors Risk Appetite. With positive economic climate surrounding US markets, US FED is set to stay on course for scheduled in rate hikes in near future and this will greatly support US Greenback in positive manner in global markets. With the Fed still keen to continue the process of moving rates back towards ‘neutral’, it remains too early in our view for the FX market to price the Fed going on hold. Meanwhile, The common currency may also come under pressure if the European and US equities respond negatively to a decision by China to scrap trade talks with the US. In response to US tariff on Chinese goods worth $200b coming into effect today, Chinese govt has retaliated by adding 60 billion of U.S. products to its import tariff list and cancelling mid-level trade talks with the United States, as well as a proposed visit to Washington by vice premier Liu He originally scheduled for this week as per reports from the Wall Street Journal with no dates set for further talks. Continued Fed hikes should help EUR/USD revisit the 1.15 area again in near future.
The intensifying dispute between the world’s two biggest economies has spooked financial markets worried about the fallout on global growth there by inspiring a risk averse investor sentiment as trading session began for the week. When looking from technical perspective in daily chart, the indicators eased from near overbought levels, holding well into positive territory, rather than reflecting the latest slide supporting a downward extension ahead.
Thanks
YoCryptoManic
Pivot: 1.1760
Key Resistance: 1.1765 - 1.1790 - 1.1810 - 1.1845
Key Support: 1.1735 - 1.1720 - 1.1698 - 1.1665
Day Trading Range: 1.1700 - 1.1790
Technical Indicator:
RSI: The indicator shows Bart pattern, moving around 55 level, still in bullish zone above 50.
Moving Average: SMA 20 (1.1730) strong support, SMA 10(1.1761) strong resistance & SMA 50(1.1686) strong support for pair.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1760 with targets at 1.1730 & 1.1710 in extension.
Alternative scenario: above 1.1760 look for further upside with 1.1775 & 1.1800 as targets.
Fundamental:
Intensifying Trade Dispute between China & US Dulls Investors Risk Appetite. With positive economic climate surrounding US markets, US FED is set to stay on course for scheduled in rate hikes in near future and this will greatly support US Greenback in positive manner in global markets. With the Fed still keen to continue the process of moving rates back towards ‘neutral’, it remains too early in our view for the FX market to price the Fed going on hold. Meanwhile, The common currency may also come under pressure if the European and US equities respond negatively to a decision by China to scrap trade talks with the US. In response to US tariff on Chinese goods worth $200b coming into effect today, Chinese govt has retaliated by adding 60 billion of U.S. products to its import tariff list and cancelling mid-level trade talks with the United States, as well as a proposed visit to Washington by vice premier Liu He originally scheduled for this week as per reports from the Wall Street Journal with no dates set for further talks. Continued Fed hikes should help EUR/USD revisit the 1.15 area again in near future.
The intensifying dispute between the world’s two biggest economies has spooked financial markets worried about the fallout on global growth there by inspiring a risk averse investor sentiment as trading session began for the week. When looking from technical perspective in daily chart, the indicators eased from near overbought levels, holding well into positive territory, rather than reflecting the latest slide supporting a downward extension ahead.
Thanks
YoCryptoManic