EURUSD Daily Forex Analysis
This post is all about today’s analysis of EURUSD. The EURUSD Technical Analysis Forex will help the traders to get the ideas for trading this pair.
EURUSD Triangle To Complete
After hitting daily highs in the 1.1280 area, EURUSD has now receded to the 1.1260/55 band following mixed ZEW results. The pair keeps the buying sentiment unchanged on Tuesday after the ZEW Survey has showed mixed results for the current month. In fact German, Current Conditions have surpassed estimates at 57.6, while Economic Sentiment missed consensus at 0.5. Further data saw Economic Sentiment in the euro region at 4.6 vs. -6.3 initially estimated.
Shorting On The Cypher
The pair is now up 0.68% at 1.1259 and a break above 1.1306 (base of the 8-month rising channel) would open the door to 1.1346 (61.8% Fibo of the May-June down move) and finally 1.1434 (high Jun.24). On the flip side, the immediate support aligns at 1.1179 (38.2% Fibo of the May-June down move) ahead of 1.1115 (20-day sma) and then 1.1092 (200-day sma) (EURUSD Technical Analysis Forex).
EURUSD Market To Decide
The sell off in the greenback remains unabated so far today, giving extra wings to the pair and boosting it to the key 1.1260/70 region, where sits the retracement of the May-June drop and the 2014-2016 resistance line. Ahead in the session, prior estimates see the ZEW Survey improving in both the euro area and Germany for the current month, which could in turn lend extra support to the pair’s upside momentum (EURUSD Technical Analysis Forex).
EURUSD Technical Analysis Forex
EURUSD may further retrace the decline from the May high (1.1615) as the pair appears to be breaking out of the wedge/triangle formation carried over from June, with a break of the 100-Day SMA (1.1226) opening up the next topside hurdle around 1.1270 (38.2% retracement) to 1.1290 (23.6% retracement).
EURUSD Short Butterfly
With this, it’s likely that the market is trying to break out, but it’s not until we close above the 1.12 level on the daily chart that I’m willing to perhaps by this market and aim for the 1.1350 level. On the other hand, it’s possible that we could break down from here and a move below the bottom of the range during the course of the session on Monday, and this would of course have us selling as the market should reach down to the 1.1050 level.
The German business morale bounced-back into the positive territory for August, following July’s sharp deterioration, a ZEW survey showed on Tuesday. The headline ZEW economic sentiment came in stronger at 0.5 in August as compared to July’s -6.8 points, however, came in way below markets’ expectations of a 2.0 reading.