One thing that I would say about this is that the 61.8% Fibonacci retracement level has been reactive, but with interest rates rallying in the United States and the ECB likely to keep interest rates low for a longer amount of time, I think that this market will eventually try to break down. If it does, I think eventually we could be looking at the 1.15 level. If we break above the 1.2150 level, then we will probably try to retake the 1.25 handle.
EUR/USD Daily Forecast - 7 May
According to dailyforex.com, the EUR/USD pair fell again during Friday trading, breaking down below the 1.1950 level. That of course is a negative sign, but we did recover a bit going into the weekend. I think that we could get a short-term rally, but I think that the 1.21 level will course continue to offer resistance as it was previous support. I think that any rally from this point should be a selling opportunity just waiting to happen. If we get some type of exhaustion, I would jump all over that.
- Popular
-
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most… -
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures… -
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports… -
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…
Tags
aud/usd2605
boe106
brexit96
china122
cpi147
daily fundamental2278
daily technical2199
ecb113
eur/usd1497
eurozone88
EurUsd1227
forex8896
gbp/usd1447
GbpUsd1111
gdp95
industrial production106
inflation73
interest rates219
ppi93
rba91
resistance71
retail sales125
support71
trade balance108
uk188
unemployment claims160
unemployment rate122
usd1004
weekly fundamental565
weekly technical419