Euro upside risks – EURUSD Forecast

Intermediate
  • The “risk on” theme continues with global stock averages again pushing to new cycle highs, and the US Dollar stays relatively weakened as a safe haven currency.
  • Here we review the positive outlook for the EURUSD forecast.

EURUSD day trade outlook: Upside risks through key 1.1039, maybe for critical 1.1147

A Wednesday rally to overcome notable 1.1009/19 rebound peaks, to build on Monday’s small dip and a small rebound from above the 1.0849 support level (from 1.0869), to renew the positive pressures from the latter May rally above the Triangle trend line resistance from late March (having previously held at the equivalent Triangle support trend line that comes from the March cycle low), to keep the risk back higher Thursday.

  • We see an upside bias for key 1.1039 and 1.1106; a break above here aims for next key 1.1147.
  • But below 1.0913 targets 1.0869 and 1.0849.

EURUSD intermediate-term outlook

The early April selloff below 1.0782 set an intermediate-term bear trend.

  • Downside risks: We see an intermediate-term bear trend for 1.0633 1.0500, 1.0340, maybe 1.0000.
  • What changes this? Above 1.1039 sees an intermediate-term shift from bearish to neutral, and above 1.1147 to an intermediate-term bull trend.

4 Hour EURUSD Chart

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

Comment on this video

Your email address will not be published.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


Latest Related News

Day Trade Ideas: Video analysis – Dollar, WTI Crude, Gold, Emini S&P, Dow Jones

Wide analysis of the US Dollar, Crude Oil, E-Mini Future S&P 500 and the Dow Jones. Also taking a look at Gold and how it is doing in these volatile times. Continued

“Risk on” resumes! Data wins over virus concerns

Macroeconomic/ geopolitical developments Global financial markets have started to resolve the indecisive theme that has been evident from the middle of June into more of a “risk on” bias to start July.Markets have been caught between two competing forces; increasingly positive economic data compared to consensus and the rise in COVID-19 cases (particularly in the southern states of the US, but also in pockets globally).The… Continued

Euro still exposed to renewed weakness – EURUSD forecast

The Euro versus US Dollar forex rate, EURUSD has been in an  erratic, but we would argue still negative consolidation range since our last report.This leaves the threat for further EURUSD losses into today, this week and early July. EURUSD day trade outlook: Further consolidation, bias stays lower to key 1.1166 Day trade update and view Again, an erratic consolidation Wednesday with a prod below 1.1189… Continued

Euro, Pound and Australian Dollar supports under threat

Euro-Dollar fails at first resistance - EURUSD forecastPound threatens to break down once more - GBPUSD forecastMajor support on Aussie evaporates - AUDUSD forecast Continued

Is the bear market rally top in? US COVID-19 cases weigh on stocks

Macroeconomic/ geopolitical developments Global financial markets continued the indecisive tone seen through mid-June into the end of the month, which has been in relation to competing forces; positive economic data/ strong retail demand/ support from the authorities on the one hand and the rise in COVID-19 cases on the other.The strong rally from mid-May into the first half of June, was driven to some extent… Continued

Forex Brokers in your location