The Euro gained enough momentum to dash through the 55– and 100-hour SMAs and a short-term channel down early on Monday. The pair surged 63 pips within a couple of hours and halted shortly before the weekly R1 near 1.24. 

Taking into account bullish technical indicators, the Euro might continue edging higher for the eighth consecutive session. This surge, however, is likely to be limited by the weekly R1 or the senior channel near 1.24. 

Subsequently, the pair should edge lower down to the combined support of the 55– and 100-hour SMAs, the 23.60% Fibonacci retracement and the junior channel near 1.2350. 

This session is full of fundamentals from the US which might introduce some volatility in the market and therefore widen the forecasted trading range.

EURUSD

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.2479
    2. R2 1.2437
    3. R1 1.2408
  1. PP 1.2366
    1. S1 1.2337
    2. S2 1.2295
    3. S3 1.2266

 

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD advances toward 1.1200 on renewed US Dollar weakness

EUR/USD advances toward 1.1200 on renewed US Dollar weakness

EUR/USD is extending gains toward 1.1200 on Friday, finding fresh demand near 1.1150. Risk sentiment improves and weighs on the US Dollar, allowing the pair to regain traction. The Greenback also reels from the pain of the dovish Fed outlook, with Fedspeak back on tap. 

EUR/USD News
Gold price advances further beyond $2,600 mark, fresh record high

Gold price advances further beyond $2,600 mark, fresh record high

Gold price (XAU/USD) gains positive traction for the second successive day on Friday and advances to a fresh record high, beyond the $2,600 mark during the early European session.

Gold News
USD/JPY recovers to 143.00 area during BoJ Governor Ueda's presser

USD/JPY recovers to 143.00 area during BoJ Governor Ueda's presser

USD/JPY stages a recovery toward 143.00 in the European morning following the initial pullback seen after the BoJ's decision to maintain status quo. In the post-meeting press conference, Governor Ueda reiterated that they will adjust the degree of easing if needed.

USD/JPY News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures