Daily Technical Report | Forex Factory

  • Daily Technical Report

    From swissquote.com Story is in PDF Format

    Starting a consolidation phase. • EUR/USD is now consolidating after its recent rally above 1.1400. Hourly support can be found at 1.1076 (18/05/2017 low). Stronger support lies at 1.0842 (11/05/2017 low). • In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holds at 1.1714 (24/08/2015 high) while strong support lies at 1.0341 (03/01/2017 low). Stalling below support given at 1.3046. • GBP/USD's momentum is higher than expected and the pair is now targeting key resistance give at 1.3046 (18/05/2017 high). Hourly support is given at 1.2589 ... (full story)

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mathtrader
Jul 3, 2017 9:30am
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EURUSD is again retesting 1.1460 which has been the most stubborn support changed resistance level since 2015. This is the 10th time the price retests the level without successful breakout above it.

The 200 EMA on the weekly chart is also under threat from the bulls as strong bullish momentum is on the floor and this can be seen above.If the price level 1.1460 holds as a resistance level again in confluence with the 200 EMA resistancence as well, then price could rotate back down again towards the near support 1.1283 first and then 1.1176.

We have been bullish for the past three days with our take profit ultimately being 1.1450. We use trailing stop in case price choose not to touch our profit objective price before changing direction against us. The resistance level 1.1460 is also fibo 138.2 of the rise from 1.0838 to 1.1283 by extension.

We still have strong bullish campaign on the daily time frame. Hence watching out for price action around 1.1460 to choose where to go from here. A strong bullish close above it will suggest 1.1750 as the next resistance while a strong bearish close below it points towards 1.1290.

In conclusion, the pair have the tendency of rising towards 1.1750 or fall to 1.1290 from the current price. The current price is 1.1430.

Oyewole Olatunbosun
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fontu
Jul 3, 2017 9:50am
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not bad for 1.2460 & 1.1918 to towards 1.0647 !! big ranges to work with .
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Trader#88FE
Jul 3, 2017 7:53am
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This is a new dollar crisis, most likely there will be a further rise in the euro-dollar and pound-dollar pairs.
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