Forex Technical Outlook EURUSD 02.08.2017
EURUSD holds steady near fresh highs ahead of US jobs data
The Euro stays firm on Wednesday and holding just under Mon/Tue fresh highs at 1.1845 and target at 1.1848 (FE 161.8% of the wave C from 1.1312 trough). Easing after repeated rejection at 1.1845 on Tuesday was short lived and contained at 1.1785, with fresh acceleration higher on Wednesday, keeping near term bulls intact. Lift above 1.1850 zone would trigger stops parked just above and spark fresh upside extension towards 1.1900 zone (FE 176.4%) and key targets at 1.1950 (monthly cloud base) and psychological 1.2000 barrier. Overbought daily studies warn of pullback but so far without clearer signal. Tuesday’s low at 1.1785 marks initial support, followed by rising 10SMA at 1.1728, which guards 20SMA at 1.1586. US jobs data (ADP report today and NFP on Friday) are eyed for signals.
Res: 1.1850; 1.1900; 1.1950; 1.1975 Sup: 1.1785; 1.1728; 1.1671; 1.1638