EURUSD Analysis.
Technically EUR/USD is trading within a narrow range, we can see it is trading in a parallel and downtrend. Pair remains on the defensive and below under long term downside trend line between mid-FEB to Mid-July.
At the moment, the pair under pressure as European Central Bank may resume its asset purchases program and coming months expecting Rate-cut due slow Global economy.
Support and Resistance:
Initial support awaits at 1.1195, which provide support many weeks. If breaking though then next support level 1.1145 and 1.1125 the low range of EUSUD in back of late May. Many time EUUSD bounce back from 1.1108 level but if Major support level break-out then opening door to further low at multi months lower supports 1.1080 and 1.1045.
Long upside resistance is 1.1235/40 and future more upside 1.1280/90 an the follow up 1.1320 and 1.1365. As market expected FED could cut rate In July then EURUSD looking towards major resistance mid-term 1.1535 and 1.1625
Red lines support:
S-1= 1.1190
S-2=1.1145
S-3=1.1100
Green line resistance:
R-1=1.1275
R-1=1.1335
R-3=1.1403
http://prntscr.com/od4dae
Technically EUR/USD is trading within a narrow range, we can see it is trading in a parallel and downtrend. Pair remains on the defensive and below under long term downside trend line between mid-FEB to Mid-July.
At the moment, the pair under pressure as European Central Bank may resume its asset purchases program and coming months expecting Rate-cut due slow Global economy.
Support and Resistance:
Initial support awaits at 1.1195, which provide support many weeks. If breaking though then next support level 1.1145 and 1.1125 the low range of EUSUD in back of late May. Many time EUUSD bounce back from 1.1108 level but if Major support level break-out then opening door to further low at multi months lower supports 1.1080 and 1.1045.
Long upside resistance is 1.1235/40 and future more upside 1.1280/90 an the follow up 1.1320 and 1.1365. As market expected FED could cut rate In July then EURUSD looking towards major resistance mid-term 1.1535 and 1.1625
Red lines support:
S-1= 1.1190
S-2=1.1145
S-3=1.1100
Green line resistance:
R-1=1.1275
R-1=1.1335
R-3=1.1403
http://prntscr.com/od4dae