Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Euro/Dollar Could Shift To 1.1140

Published 07/14/2016, 05:19 AM
Updated 01/21/2022, 04:20 AM
EUR/USD
-
EUR/GBP
-

Previous:

Expectations of a bottoming out yesterday came off in full. The GBP corrected before the Bank of England convened. Due to a rise in the euro/pound, the euro/dollar rose to 1.1119.

Market Expectations:

The euro continued to rise in Asia 17 points against the dollar. It would be better for the pair to consolidate than to try and rise during the Asian session. A fright may be caused due to a possible euro weakening against the dollar from trade opening.

The key event of today is the BoE meeting. If the Bank leaves the interest rate at 0.5%, the pound could strengthen against the dollar to 1.3480. The euro/pound cross will flip upside down, with the euro/dollar likely to fall. As per my forecast, I expect to see a rise in the pair to 1.1140. I’ve marked out two important levels as supports 1.1085 (LB at 11:00 EET) and 1.1066 (45 degrees).

Day’s News (EET):

Technical Analysis:

Intraday forecast: minimum: 1.1088 (current Asian), maximum: 1.1140, close: 1.1128.

EUR/USD 60 Min Chart

In European trades on Wednesday, the euro/dollar updated the minimum and restored 67 degrees to 1.1119 from 1.1041. The price is situated above the LB. The MA lines are set upwards. In line with my forecast, I reckon we’ll see a rise in the EUR/USD to 1.1140, but I expect a break to 1.12.

The hourly indicators (AO, CCI and stochastic) aren’t set up right for a strengthening of the euro. This means that the flat on the pair could stretch all the way to 14:00 EET.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.