Euro Fundamental Forecast – EUR/USD Breakout Mark Week 6 –Rally At Risk

EURO FUNDAMENTAL PRICE FORECAST – EUR/USD WEEKLY TRADING LEVELS

  • EUR/USD mark sixth weekly advance into new yearly highs
  • EURO updated fundamental trading levels and sentiment
  • Constructive while over 1.1445 key focuses is on the immediate resistance trading at 1.1815 and 1.1823.
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The EURO rose over 1.5% against the USD this week with the EUR/USD marking the 6th consecutive week advance into new yearly highs. This rally takes the price into the key resistance confluence and whereas the broad forecast remains constructive, the key advance might be prone as we head into the beginning of August trading session. These are the recently updated invalidation levels and targets that are significant on the EUR/USD weekly chart.

Euro-Technical-Outlook

Keep in mind that in last month’s euro weekly price forecast, we took note of the fact that it’s important to also focus largely on 2019’s objective open trading at 1.1445 looking for the reaction there with the close over required to mark the large reversal in behavior towards the 1.1597 level. The breakout in the next few weeks drove the breach to the yearly opening range, high as the rally seems to be testing the key resistance confluence trading at 1.1815/1.1823 Fibonacci the zone defined by a 61.8% retracement of 2018’s fall and September 2018 highs. Keep in mind that this 2008 trendline converges on the zone and while the Euro has recently marked the intra-week highs above. As of now, the focus is still on the weekly close heading into the august trading session as ASX 200 Eyes 6100 as Mining Stocks Surge, Nikkei 225 Climbing Higher.

The initial weekly support seems to rest back on the 50 percent retracement trading at 1.1596 with the broad bullish invalidation currently rose at 1.1445. The close over the key confluence zone might keep the main focus on additional topside immediate resistance objectives in 2018 yearly open at about 1.2005 (78.6% retracement).

Overall, the euro has rallied close to 12% off the previous yearly lows to new 2020 highs in only 4 months with the advancements currently testing the key resistance confluence eye the weekly close trading at 1.1815/1.1823. From this trading perspective, the best territory to raise a protective stop-look/reduce long exposure for the downtrend exhaustion ahead of the 1.16. Incase the price is without a doubt rising higher with the close over the 2008 trends needed to mark the resumption of the rally in March.

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