EURUSD Short Technical Analysis
The immediate short term support stands at 1.1090, followed by the 1.1050 region. In the case of a strong dollar advance, a break below this last can see the pair closing the week around 1.1000. The pair has advanced further after preliminary consumer prices in the euro area are expected to rise 0.2% on a year to July, a tad higher than initial estimates. Core prices are seen gaining 0.9% over the last twelve months (EURUSD Technical Analysis).
EURUSD Technical Analysis Short
Advanced inflation figures in the euro zone and GDP results for the second quarter are due later today. Prior surveys see headline consumer prices tracked by the CPI rising at an annualized 0.1% during July, while Core CPI is expected to rise 0.9% on a yearly basis. The pair is now gaining 0.30% at 1.1110 facing the initial hurdle at 1.1166 (high Jul.14) followed by 1.1184 (high Jul.5) and then 1.1260 (base of the 7-month rising channel).
EURUSD Important Upcoming Levels
In the FX space, EURUSD remains underpinned by the renewed softness around the greenback, advancing to the 1.1120 area from Monday’s troughs in the mid-1.0900s, although the upside momentum seems to have ebb a tad as of late. Relevant resistance emerges around recent highs in the 1.1160/80 band, ahead of the 1.1260 region, where is located the Fibo retracement of the May-June down move and the base of the 7-month rising channel (EURUSD Technical Analysis).
Short EURUSD Double Top
EURUSD gave us 2 back to back chances today, the first being symmetrical triangle and now Double top. Probably a lucky day for us with EURUSD combo. This double top also has bearish divergence, current candle being Doji wait for bearish confirmation to enter short.
EURUSD Bat Pattern Completion
The EURUSD pair initially tried to rally during the course of the day on Thursday, but as you can see turned right back around for a bit of a shooting star. This is not a surprise to me, and I do believe that we continue to see quite a bit of bearish pressure on the Euro, due to all of the concerns with the European Union itself. Ultimately, I have looked at any rally in this market as an opportunity to sell, and the candle during the Thursday session certainly suggests that we may see some of the same going forward.
The EURUSD is trading sideways between well-defined technical levels following a recent bounce higher after the FOMC rate decision. Euro-Zone CPI and GDP figures, followed by the US GDP numbers could prove to be influential for the pair and highlight the perceived different paths for the ECB and the Fed.