EURUSD plunge and rebound failure keeps risks lower

Intermediate

A rebound failure Tuesday from just below our 1.1325 resistance (back from 1.1322) after Monday’s very aggressive selloff through various supports as low as 1.1315 (to 1.1273), to keep risks lower for Wednesday.

We see an intermediate-term bull trend since the push above 1.1348

For Today:

  • We see a downside bias for 1.1273/69; break here aims for 1.1233, possibly even towards key 1.1180.
  • But above 1.1322/25 opens risk up to 1.1360.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.1448.

  • Higher targets would be 1.1509 and 1.1570.
  • What Changes This? Below 1.1180 shifts the intermediate-term outlook back to neutral; through 1.1106is needed for an intermediate-term bear theme.

4 Hour EURUSD Chart

4h EURUSD Chart 2019-07-03

Comments on this analysis

Your email address will not be published. Required fields are marked *


Latest News

The Forex Zone
The Forex Zone – Risk On

The US Dollar and the Japanese Yen weaken as the risk on environment continues. The Forex Zone looks at day trade themes for the major Forex rates; EURUSD, GBPUSD, USDCAD, AUDUSD, NZDUSD and USDJPY. EURUSD: Risks flip back higher A very whipsaw session Thursday through the ECB with an initial selloff through to just hold … Continued

EURUSD Chart
Euro in focus into key European Central Bank (ECB) Meeting

All eyes will be on the European Central Bank (ECB) Meeting today, which much anticipation around a more dovish shift. US Dollar weakness has seen EURUSD rebound in September with a resumption of a global “risk on” theme, but the EURUSD Forex rate losses over the past 24 hours highlight caution into the meeting. EURUSD: … Continued

aud usd chart
Australian Dollar stays strong in risk on scenario (AUDUSD)

The “risk on” phase has contoured into the second week of September as global geopolitical tensions ease. Positive news in early September regarding Brexit, the US/China trade war and from Hong Kong have seen stock markets advance higher. This positive news for the global economy has encouraged a push higher for the Australian Dollar, which … Continued

eurusd
Euro firm ahead of the ECB (as US Dollar weakens)

EURUSD gains over the past week have primary echoed US Dollar losses, as global financial markets have shifted to a “risk on” mode, with global geopolitical tensions easing. Positive news last week around the US-Sino trade war, Brexit and from Hing Kong have seen stock averages rally, whilst the US Dollar has weakened, having been … Continued


Forex Brokers in your location