EURUSD Forecast And Technical Analysis 06-08-2018

On the Euro side, Italy is still a risk for investors. The market’s attention is focused on next week’s ECB meeting. Fundamentally there was nothing to boost to push EURUSD higher.

On the Dollar side, USD has lost its charm as Trump protectionism announcements are triggering countermeasures from multiple fronts that will end up weighing on economic progress in the world’s largest economy. And the economic figures are not promising, and doubts occurred about the further rate hikes.

There is no strong data flow today. German Industrial Production and Trade Balance will be released.

The pair has tested 1.18400 which is the Fibonacci 38.20% major resistance. As seen on the H4 chart timeframe 1.18400 is the extremely overshoot level of MM Lines and EMA 200 resistance

1.17800 is the first level that the pair will test. Break below 1.17800 may carry the price 1.17620 and 1.17500.

1.17200 is the major support of the latest bullish movement. Midterm Bearish pressure will continue as long as the price holds below 1.18400.

DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

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