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EUR/USD - Euro Grinding Higher Vs US Dollar; Eyes 1.1850

8 August 2017 09:06 AM BDT
EUR/USD - Euro Grinding Higher Vs US Dollar; Eyes 1.1850
Key Highlights The Euro remains in an uptrend and placed well above the 1.1750 against the US Dollar. There is a crucial ascending channel with support at 1.1760 forming on the 4 hours chart of EUR/USD. The German Industrial Production for June 2017 posted a decline of 1.1% (MoM). Today, the labor market conditions index for July 2017 will be released, which is forecasted to remain around 1.5. EURUSD Technical Analysis

The Euro remains poised for more gains above 1.1780 against the US Dollar. The EUR/USD pair is following a nice bullish path and trading well above the 1.1750 support.

Looking at the 4 hour chart, there is a crucial ascending channel forming with support at 1.1760. The pair recently tested the channel support zone at 1.1730 and currently recovering.

It is currently trading above the 23.6% Fib retracement level of the last decline from the 1.1910 high to 1.1728 low. An initial resistance is around the 50% Fib retracement level of the same wave at 1.1819.

Above 1.1820, the next important hurdle for buyers is near the last swing high of 1.1910. The H4 RSI has moved below the 50 level, which is the only negative sign for EUR/USD below 1.1820 at the moment.

German Industrial Production

Today in the Euro Zone, the Industrial Production for June 2017 was released by the Statistisches Bundesamt Deutschland. The market was aligned for an increase of 0.2% compared with the previous month.

However, the actual result was on the lower side as there was a decline of 1.1% (MoM). In terms of the yearly change, there was an increase of 2.4% compared with the last +4.8%. Looking at the production in industry excluding energy and construction, there was a decrease of 1.4%.

The report added that:

Within industry, the production of capital goods decreased by 1.9% and the production of intermediate goods by 1.2%.The production of consumer goods showed a decrease of 0.7%. Energy production was up by 1.4% in June 2017 and the production in construction decreased by 1.0%.

Overall, the EUR/USD pair remains in an uptrend as long as there is no daily close below the 1.1750 support area. On the upside, the most important resistance sits at 1.1820.

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