EURUSD Long Setup Forex Reviews
The EURUSD pair faded a modest bullish spike to 1.1040 and dropped into negative territory to currently trade at session low level near 1.1015 region. During early European session, the pair cheered the release of a surprisingly stronger-than-expected services PMI print for the month of July. The sentiment got an additional boost from a slight upward revision to last month’s final print. Meanwhile, the manufacturing PMI numbers were mostly around expected level and showed expansion in manufacturing activity (EURUSD Daily Technical Analysis).
EURUSD Megaphone In Place
The Euro continues to trade in directionless near-term mode, confirmed by yesterday’s long-legged Doji candle. Psychological 1.1000 support still holds, despite repeated downside attempts which were so far contained at 1.0980 zone. Neutral near-term studies support further sideways mode, however, overall structure remains biased lower. The notion is supported bearishly aligned daily Ichimoku studies and double Death Cross pattern (10/200 and 20/200SMA’s), which suggest fresh downside action after consolidation phase is completed (EURUSD Daily Technical Analysis).
EURUSD Daily Technical Analysis
Going forward, the shared currency might continue to be weighed down on prospects of additional monetary easing by the ECB. Adding to this, increasing probability of an imminent Fed rate-hike should also restrict any swift recovery for the EURUSD major.
EURUSD Possible Entries
The shared currency is looking to gather some traction after the release of PMIs in the region, with EURUSD now testing the 1.1030 area. The pair is now up 0.04% at 1.1030 and a breakout of 1.1080. On the upside, 1.1040-50 zone now seems to have emerged as immediate resistance, above which the pair might continue to confront resistance.
EURUSD Short Term Sell Setup
Price is about to reach a previous resistance level moving into a correction after a small impulsive to the down. Selling now is a good idea trying to catch the next impulse. Stoploss and profit targets as shown at the chart. If prie reaches the first target we move stoploss to BE at second position. Defence is great in forex trading.
The flash Eurozone report follows yesterday’s ECB meeting, in which no new ground was broken. Draghi indicated the ECB will review its monetary policy setting in September by which time there will be new economic data and the staff forecasts will be updated.