The #EURUSD pair bou...Aly님의 글

The #EURUSD pair bounced from the mentioned low ahead of the London fix, heading into the Asian opening trading in the 1.0970 region. The pair retains the #bearish stance, with an upward corrective movement only likely if the pair firms up beyond 1.1000. Now, it is trading at 1.0934. In the meantime, the 4 hours chart shows that the 20 SMA continues accelerating south below the larger moving averages and well above the current level, while technical indicators have stalled their slumps, but remain within extreme oversold levels. The #risk is skewed to the #downside, with the decline seen extending on a break below the mentioned daily low. Support levels: 1.0955 1.0920 1.0890 Resistance levels: 1.1000 1.1040 1.1085

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EUR has finally succumbed to the downside pressure and is extending the recent breakdown of the 1.1100 handle on the back of shrinking ‘repatriation’ forces, renewed buying interest surrounding the buck and expectations of ECB easing. That said, sustained bullish attempts in the pair still look flimsy amidst ECB’s preparations for a fresh wave of monetary stimulus (most likely to be announced in September), including a potential reduction of interest rates, the re-start of the QE programme and a probable tiered deposit rate system. This scenario has been confirmed as of late following poor results from the euro-docket, adding to the unremitting deterioration of the economic outlook in the region. On another front, Italian politics has resurfaced as a source of uncertainty as of late and is expected to weigh on the sentiment sooner rather than later.

Aly

EUR/USD remains modestly changed while taking rounds to 1.1090 during Wednesday’s Asian session. The quote recently reversed from resistance-line of a symmetrical triangle formation, which in-turn portrays brighter chances of its pullback to pattern’s support, at 1.1055. However, a clear dip beneath 23.6% Fibonacci retracement level of 1.1088 becomes necessary for the decline.

Aly

EUR/USD is struggling for direction in the lower bound of the weekly range near 1.1070. Occasional bullish attempts are expected to fail in the 1.1141/45 band, where are located the 21-day and 10-day SMAs. While below the 55-day SMA at 1.1224, a deeper pullback to, initially 2019 lows at 1.1026 remains well on the table.

Aly