EURUSD – Euro Remains In Uptrend Above 1.1400 Vs US Dollar
|Key Highlights
-
The Euro made a nice upside move this past week and now looks set to challenge 1.1500 vs the US Dollar.
-
There are a few important bullish trend lines with supports as 1.1420 and 1.1370 forming on the 4-hours chart of EUR/USD.
-
Today in the Euro Zone, the CPI for June 2017 will be released, which is forecasted to increase by 1.3% (YoY), just as the last reading.
EURUSD Technical Analysis
The Euro survived losses below 1.1400 this past week against the US Dollar. The EUR/USD is now positioned well for more gains towards or above 1.1500.
There was a dip towards 1.1380-70 where the pair found support and recovered to trade above 1.1440. On the downside, there are a few important bullish trend lines with supports as 1.1420 and 1.1370 forming on the 4-hours chart.
At the moment, the pair seems to be correcting from the recent high of 1.1474. An initial support sits around the 38.2% Fib retracement level of the last wave from the 1.1370 low to 1.1474 high.
On the upside, there is a connecting resistance trend line at 1.1505. Sooner or later, there are chances of EUR/USD testing 1.1500-1.1510 in the near term.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.