Advertisement
advert
FxAllNews
main970 2

Forex Technical Outlook EURUSD 21.07.2017

21 July 2017 02:10 PM BDT
Forex Technical Outlook EURUSD 21.07.2017

EURUSD remains firm post ECB, may show hesitation ahead of key 1.1713/35 barriers on o/b conditions

EURUSD

The Euro remains firm and extends gains on Friday, heading towards key barriers at 1.1713/35 (Fibo 61.8% of 1.2567/1.0340 downleg / Fibo 38.2% of 1.3992/1.0340 fall). The Euro was inflated by comments from the ECB President Draghi on Thursday, when the central bank left its interest rates and QE programme unchanged and setting no precise date for discussion about tapering. However, Draghi’s remark about further discussion in autumn was seen as hawkish and boosted the single currency, which holds in an uninterrupted ascend since early April. Shallow dips in the rally of past few month confirm the strength of the rally which may extend further on firm break above 1.1713/35 pivots. Meanwhile, overbought conditions on larger timeframes (daily / weekly) suggest that the pair may enter consolidative phase under 1.1713/35 barriers. Extended downside attempts should be ideally contained at 1.1500 zone, former strong barrier, now reverted to support. However, correction could extend towards 1.1350/1.1300 zone before broader bulls resume. Break of key 1.1713/35 barriers is needed to signal base at 1.0350/1.0450 zone and spark stronger correction of 1.3992/1.0340 (May 2014 / Jan 2017 descend) towards psychological 1.2000 barrier, also the base of descending monthly Ichimoku cloud).

Res: 1.1676; 1.1713; 1.1735; 1.1800 Sup: 1.1618; 1.1583; 1.1556; 1.1523

Add Your Comment
Forex Forecast and Cryptocurrencies Forecast for April 08 - 12, 2019
Forex Forecast and Cryptocurrencies Forecast for April 08 - 12, 2019
Forex Forecast and Cryptocurrencies Forecast for February 11 - 15, 2019
Forex Forecast and Cryptocurrencies Forecast for February 11 - 15, 2019
Forex Forecast and Cryptocurrencies Forecast for February 04 - 08, 2019
Forex Forecast and Cryptocurrencies Forecast for February 04 - 08, 2019
Forex Forecast and Cryptocurrencies Forecast for January 28 - February 01, 2019
Forex Forecast and Cryptocurrencies Forecast for January 28 - February 01, 2019
Forex Forecast and Cryptocurrencies Forecast for January 21 - 25, 2019
Forex Forecast and Cryptocurrencies Forecast for January 21 - 25, 2019
Forex Forecast and Cryptocurrencies Forecast for January 14 - 18, 2019
Forex Forecast and Cryptocurrencies Forecast for January 14 - 18, 2019
Forex Forecast and Cryptocurrencies Forecast for January 7 - 11, 2019
Forex Forecast and Cryptocurrencies Forecast for January 7 - 11, 2019
Forex Forecast and Cryptocurrencies Forecast for January 7 - 11, 2019
Forex Forecast and Cryptocurrencies Forecast for January 7 - 11, 2019
Canada GDP expands in October, but inflation dips
Canada GDP expands in October, but inflation dips
Forex Forecast and Cryptocurrencies Forecast for December 10-14, 2018
Forex Forecast and Cryptocurrencies Forecast for December 10-14, 2018
Technical Reviews for Gold and Silver (December 2018)
Technical Reviews for Gold and Silver (December 2018)
Forex Forecast and Cryptocurrencies Forecast for December 03-07, 2018
Forex Forecast and Cryptocurrencies Forecast for December 03-07, 2018
Left 120x600
Right 160x2