September 16, 2018

Orbex, EURUSD - Technical Trading Idea of the Week

From a technical perspective the EURUSD is likely to maintain the range in the coming week.

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This article is originally referred from Orbex Technical Analysis.

The euro currency was seen easing back on the gains posted earlier in the week on Friday.

The currency pair posted major gains on the back of the European Central Bank’s monetary policy meeting.

The ECB left interest rates steady at its monetary policy meeting last week.

The euro was seen posting modest gains after the central bank maintained its status quo.

The ECB lowered its forecasts on GDP and expects inflation to remain steady this year.

The U.S. dollar was seen giving back its gains following the strong rally in the previous weeks.

Economic data from the U.S. was limited. Both PPI and CPI was seen easing back leading to weaker dollar.

The data comes ahead of the Fed’s FOMC meeting due in two weeks.

The euro was seen maintaining its range within 1.1730 resistance and 1.1540 support level.

From a technical perspective the EURUSD is likely to maintain the range in the coming week.

A breakout from the level could however determine the outcome of the direction.

The euro currency remains in a long term downtrend.

However, given the flat price action over the past few months, the trend is likely to change.

This is determined by a breakout above 1.1730 resistance level.

The upside target comes in at 1.1960 – 1.1920 level for the time being.

Original Source: Orbex Technical Analysis

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