Euro rebound after ECB, bias stays higher (EURUSD forecast)

Intermediate
  • A more positive EURUSD tone into mid-September having held above notable above 1.1754/53 supports and then rebounded on Thursday through the ECB decision, statement and press conference.
  • ECB President Lagarde said that the ECB does “not target the exchange rate”, which encouraged the Euro higher, after recent jawboning sae it drop from 1.2000.
  • Although EURUSD dipped late Thursday as the US Dollar rallied with another tech driven stock selloff, the bias for EURUSD stays higher for today and through mid-September.

EURUSD day trade outlook: Erratic through the ECB, but bias still higher

An erratic Thursday with a firm advance through the ECB decision, statement and press conference to overcome 1.1834 and 1.1865 resistances and just stall below our 1.1929 level at 1.1917, and despite a setback from here whilst holding above 1.1754/53 supports we see risks higher for Friday. 

Day trade setup

  • We see an upside bias for 1.1864 and 1.1917/29; a break here possibly aims for 1.1966.
  • But below 1.1756/54/53 supports opens risk down to the key 1.1697/94 area.

EURUSD intermediate-term outlook

The early June rally above 1.1147 set an intermediate-term bull trend.

  • Upside risks: We see an intermediate-term bull trend for 1.2414.
  • What changes this: Below the 1.1697/94 support area switches the intermediate-term bull trend straight to bearish.
6 Hour EURUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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