Looks like the price is gonna go down in coming week
I will be following closely
EUR/USD jumped to 31-month high and is now moving towards 1.1870 level. The sharp buying interest over the last five months is extending the bullish trades. However, the price now is looking forward for the 50-month SMA at 1.1870.
The drop on the EURUSD may take the pair to the 1.1700 level or even lower during next week.
The 1.1800 level is still acting as a resistance on the EURUSD, in order for the pair to go back to its bullish trend, it needs to break above the 1.1900 level. On the other hand, a breakdown below the 1.1700 level could trigger a deeper correction.
Following up on the EURUSD, we can see that the pair is consolidating with a very good support at the 1.1700 level. The highs of the daily candles are getting lower, meaning that we could have a bearish breakdown below the 1.1700 level. To the upside, the 1.1900 level is still a very good resistance.
EUR/USD fell until 1.1690 and is now getting higher with next support level at 1.1850. Summer holidays pushed the currency pair into sideways channel within 1.1690 – 1.1850.
EU has continued the upward climbed, but now has become quite slow in process. So, it is good bet to go for sell, but needs to be done with solid money management in order to play it out safely and to be gaining. We suggest sell only with every chance of trend turning in coming days or week.
EUR/USD earned ground and the traders who place a trade around the 1.1910 support level gained more than 100 pips. The next resistance level is the 1.2570 which is far away from the current market price.
Shooting star on the EURUSD daily chart? The EURUSD falls back below the 1.2000 level and if Wednesday’s daily candle is bearish, then the pair may go back to the 1.1900 level or the 1.1800 zone.
I agree with you. But, if the pair plummets beneath 1.1840 will challenge the 50-day SMA near 1.1740.
The EURUSD has formed what it appears to be a head and shoulders pattern on the daily chart amid the consolidation that is having between the 1.1800 level and the 1.2100 peak. Unless it breaks below the 1.1800 level or above the 1.2100 level, the consolidation may continue on the EURUSD.
EURUSD H1…Just bounced off the 50ma…more downside…? Waiting for candlestick (doji…?) confirmation to go short…
The EURUSD may try to head higher, but for now the market is content with the pair between the 1.24 and the 1.25 levels.
Is support 1.2335 going to pass and the price will return to the trend? This would be an excellent achievement for the dollar with a probability to stand at around 1.2170. Do not overlook the possibility of Eur/Usd growth. Again, the vacancy to reach 1.25145 remains open. The news background is relatively calm today, so I think that today the level of support will not be breached.
Elliott Wave Analysis: DXY extended correction as triple three
DXY Short Term Elliott Wave view suggests that the decline to 88.44 ended Intermediate wave (3). Up from there, correction in Intermediate wave (4) is in progress as a triple three Elliott Wave structure. Rally to 89.64 ended Minor wave W, decline to 88.55 ended Minor wave X, Minor wave Y ended at 90.03 and Minor second wave X ended at 89.48. Near term, while pullbacks stay above 89.48, Index has scope to extend higher to 90.67 – 90.95 area to end wave Z of (4) before the decline resumes. We don’t like buying the Index and expect sellers to appear from the above area for a 3 waves pullback at least
DXY 1 Hour Elliott Wave Chart
Euro/dollar had a significant momentum down yesterday, breaking down the range. Expectations are bearish to test support 1.2175. Short-term resistance is 1.2300/30. A clear break below this level may take the price to a neutral trading region and the direction will become obscure. Major technical outlook remains upward, but a clear break and daily closure below 1.2175 may lead to a deeper downward correction to test the trendline support. On the upside, a break above 1.2537 is needed to resume the main bullish trend.
The EURUSD broke below the 1.2300 level where we can find the 200 month EMA and comes close to the 1.2200 level. For now it seems like a regular pullback, but the pair may continue dropping.