EUR/USD: still bullish but limited, one more attempt towards 1.2000$ before big correction downside 1.1560$ & 1.1460$ support levels.
- The market’s mood is positive, although there are no fireworks until Wednesday FED meeting.
- The EU published July Industrial Production, which was up 4.1% in the month.
- The trend still sideways between 1.725 to 1.1945, waiting for one more attempt upside 1.2000$ before big downside correction
As long as trading is conducted above the range of 1.1854, you can expect the EUR/USD to continue growing to the resistance area of 1.1905, However, A consolidation above 1.1905 will open a direct road to the highs of 1.1949 and 1.2010 ( One more Time possible to hit 1.2000$ before big correction downside coming monthly) If the pair again falls or fail to break 1.1890 then returning possible towards support levels larger support of 1.1810$ and 1755$.
Events: FED meeting Wednesday evening, expecting some more clear fed about Policy, I am expecting short term Bullish dollar.
Indicators: Moving averages Trading is above the 30 and 50 daily moving averages, which indicates an attempt by the bulls to resume the upward correction of the euro.
MACD indicator (Moving Average Convergence / Divergence - moving average convergence/divergence) Fast EMA period 12. Slow EMA period 26. SMA period 9
SUPPORT/RESISTANCE
✅S1= 1.1810
✅S2=1.1725
✴️R1=1.1890
✴️R2=1.1945
Author
M.Ali Zah
All My Pips
M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.
