Basic Analysis of EUR/USD for September 18, 2017 888011000 110888 EUR/USD has been rather volatile and corrective just recently however still had the ability to hang on the gains and long-lasting non-volatile bullish trend. There has been no directional predisposition on the set today however the bulls are having a benefit today due to favorable eurozone’s financial reports. Today, Italian Trade Balance report was published with a boost to 6.56 B from the previous figure of 4.50 B which was anticipated to reduce to 3.89 B, Final CPI was published unchanged as expected at 1.5%, Final Core CPI was likewise published unchanged as anticipated at 1.2%, and German Buba Month-to-month report was also hawkish in nature showing positive modifications in the coming days. On the other hand, today US NAHB Real estate Market Index report was released with an even worse figure at 64 which was anticipated to be unchanged at 67. To summarize, because of upbeat reports from the eurozone EUR sustained the gains which indicates that a further bullish rate action is on the way. When it comes to the USD, a considerable variety of high impact reports are going to be released today consisting of the FOMC Statement which is expected to create a good amount of volatility in the market today. The weekly close of this week will surely offer a directional bias of the upcoming long-term view of the pair where EUR is expected to have an advantage over USD.Now let us look at the technical chart. The price is currently living above the assistance level of 1.1900 and the vibrant level of 20 EMA too. The non-volatile bullish pattern is still very intact as the vibrant level and the nearby support level has actually not been breached by now. As long as the price remains above the 1.1900 with a day-to-day close, the bullish bias is anticipated to continue even more with a target to 1.2070-1.2140 resistance area. The material has been supplied by InstaForex Company -www.instaforex.com

By | September 18, 2017

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