The EUR/USD traded flat-lined around 1.1750 in Asia and closed above the 50-day moving average (MA) for the first time since April 19, 2018. The post-payrolls sell-off in the USD continued on Monday, pushing the EUR/USD (FOREX picks) to a high of 1.1791.
Technical Talk-Points
From a specialized perspective, the EUR/USD (FOREX Signals) pair is as yet holding over the 1.1720 key Fibonacci level, the 23.6% retracement of the April/May droop, which restricts the danger of a more extreme decrease. In the 4 hours outline, the 20 SMA keeps up a solid upward incline close to the said Fibonacci bolster and subsequent to intersection over the bigger ones, which strengthens the pertinence of the region as help and cutoff points odds of a descending move. Specialized pointers in the specified diagram are withdrawing inside the positive region, still over their midlines yet without any indications of evolving course. A break beneath the specified Fibonacci support would probably envision extra decreases and put in danger ongoing euro's quality.
The Euro currency is uniting subsequent to dropping down to a 2018 low around 1.1500. Notwithstanding, the shortcoming down to 1.1500 is seen as an amendment inside a more important medium-term uptrend, with that next higher low searched out around 1.1500 for a bullish continuation.
Fundamental Talk-Points
The pair, however, trimmed its daily gains as the dollar benefited from a plummeting Pound and soaring equities, which weighed on safe-haven assets. Trade fears ebbed or at least were temporarily set aside by market players, further helping the greenback at the beginning of the day. In the data front, there were some minor releases, with the ones coming from the Union mostly positive, as German's Trade Balance (FOREX picks) posted a surplus of €20.3B, surpassing April's figure and market's expectations of €20.0B. The EU July Sentix Investors Confidence index surprised to the upside, printing 12.1 from the previous 9.3, also beating market's expectations of 8.2.
This Tuesday, the ZEW survey on German and EU's economic sentiment for July will be out and is expected to show a continued deterioration in business confidence. The US won't offer anything of relevance.
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| EUR/USD around 1.17 region, ahead of 50-day MA |
Technical Talk-Points
From a specialized perspective, the EUR/USD (FOREX Signals) pair is as yet holding over the 1.1720 key Fibonacci level, the 23.6% retracement of the April/May droop, which restricts the danger of a more extreme decrease. In the 4 hours outline, the 20 SMA keeps up a solid upward incline close to the said Fibonacci bolster and subsequent to intersection over the bigger ones, which strengthens the pertinence of the region as help and cutoff points odds of a descending move. Specialized pointers in the specified diagram are withdrawing inside the positive region, still over their midlines yet without any indications of evolving course. A break beneath the specified Fibonacci support would probably envision extra decreases and put in danger ongoing euro's quality.
The Euro currency is uniting subsequent to dropping down to a 2018 low around 1.1500. Notwithstanding, the shortcoming down to 1.1500 is seen as an amendment inside a more important medium-term uptrend, with that next higher low searched out around 1.1500 for a bullish continuation.
Fundamental Talk-Points
The pair, however, trimmed its daily gains as the dollar benefited from a plummeting Pound and soaring equities, which weighed on safe-haven assets. Trade fears ebbed or at least were temporarily set aside by market players, further helping the greenback at the beginning of the day. In the data front, there were some minor releases, with the ones coming from the Union mostly positive, as German's Trade Balance (FOREX picks) posted a surplus of €20.3B, surpassing April's figure and market's expectations of €20.0B. The EU July Sentix Investors Confidence index surprised to the upside, printing 12.1 from the previous 9.3, also beating market's expectations of 8.2.
This Tuesday, the ZEW survey on German and EU's economic sentiment for July will be out and is expected to show a continued deterioration in business confidence. The US won't offer anything of relevance.
Hope this article was helpful to you. Keep up to date with our FOREX Signals Blog for receiving updates and best FOREX Signals.
Leave a feedback in the comment section. Thank you for reading!
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