The EUR/USD pair moved higher today and marked a weekly high at 1.1827 backed up by the weak US dollar and the lack of important fundamental news. Bulls are aiming higher in the short term. Immediate resistance is seen at 1.1845 and in case of breaking it, next target is seen at 1.1880.
A positive data on the ZEW survey today may support the euro bulls and send the EUR/USD pair back above 1.18. In case of disapointing results, the price will continue to correct lower around 1.1750 area.
On yesterday session, the EURUSD rallied with a wide range and closed near the high of the day, in addition the currency pair managed to close above Friday’s high, which suggests a strong bullish momentum.
The currency pair closed above the 10-day moving average that should provide dynamic support and is trading above the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.1976, other daily resistance at 1.1829, the 10-day moving average at 1.1773 (support), a daily support at 1.1753, a daily support 1.1687, other daily support at 1.1556 and other daily support at 1.1460.
On the first day of the week, the euro-dollar currency pair rose by 59 pips. The day was opened at 1.1755, and the first hours were strong for the bears. That's why at noon they recorded their bottom level at 1.1730. The response of the bulls led us to the peak of a near figure above the bottom, or 1.1827. At the end of the day one euro was exchanged for $ 1.1814.
The German ZEW servey today showed that the business sentiment has dropped beyond the expectations, which influenced the EUR/USD pair and it fell down to 1.1744. The short term outlook is neutral according to the technical readings on the four-hour time frame.
why? in new week, sellers need to push up eur-usd, then, sell into high for lower risk + building positions with their profit pips. or, big orders (macro funds or big guys orders) were in higher level, so, market makers have to lift market to get these big orders done.
On yesterday session, the EURUSD fell with a narrow range and closed near the low of the day, however the currency pair managed to close within Monday’s range, which suggests being slightly on the bearish side of neutral.
The currency pair closed shy below the 10-day moving average that should provide dynamic resistance however is still trading above the 50 and 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.1976, other daily resistance at 1.1829, the 10-day moving average at 1.1769 (resistance), a daily support at 1.1753, a daily support 1.1687, other daily support at 1.1556 and other daily support at 1.1460.
On Tuesday, the single currency lost 53 pips against the US dollar. The day was dominated by the bearish players, because once the day was opened at 1.1814, the bulls recorded a peak at only 9 pips higher. For bears, the best level they achieved during the session was 1.1744. At the end of the day one euro was selling for 1.1761 dollars.
EUR/USD has formed a shooting star candlestick and a pair of hanging man candlesticks on the weekly time-frame, all below the resistance at 1.1910. Although the consolidation continues for now those candlesticks are a telling signal there could be an impending move to the downside.
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