Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0961)
- Support Levels: 1.0887, 1.0815, 1.0739
- Resistance Levels: 1.0979, 1.1035, 1.1127
- Trade Strategy: Stand Aside
The EUR/USD Forex market is starting to turn lower. Please note the below EUR/USD daily MT 4 chart and note the euro formed an evening star candlestick which is a bearish reversal sign.
Technical Analysis
Let’s look at today’s EUR/USD technical analysis. There is near term technical support lining up at 1.0887. A daily close below this technical support challenges the cluster zone and technical support that runs from 1.0815 to 1.0815. The alternative EUR/USD technical analysis, should the euro turn higher, thus supporting the EUR/USD Forex market, notes technical resistance lining up at 1.0979. A break above this level challenges the technical resistance lining up at 1.1035.
Trade Strategy
Trade strategy. There is not a lot of event risk to consider as I decide on my EUR/USD Forex market trade strategy. As with the other Dollar Forex trade partners, traders are still trying to figure out last week’s post FOMC remarks. Depending on data and how well the US economy is improving will signal a move by the Fed to raise interest rates and normalize economic policy. There is a chance we will get a rate hike in September. But there is still a chance the Fed will wait till December. As September approaches, we should get USD volatility. With the absence of event risk for today, I will rely on chart analysis for a trade decision. As far as the technical analysis is concerned, there is a narrow price action range. There is no clear cut long or short euro trade to take at this time. I will stand aside for now, waiting on a better short euro opportunity in line with my long term bearish euro stance. Any bounces higher in this Forex market will be treated as corrective only, hopefully setting up a short euro trade. Doe now, I will remain flat.
