EUR/USD Technical Analysis & Daily Chart

The pair is giving us mixed signals today, but we can try to sell.

Technical Analysis
04 jun 2018
EUR/USD Technical Analysis & Daily Chart

Today we would take a look at the EUR/USD currency pair, which is one of the most popular trading instruments. Over the past few weeks the euro gave way to the dollar, but after last week’s news that the United States will be starting a trade war with multiple countries, the price started growing again.

To begin with, there is a somewhat mixed outlook for the euro. For one thing, it is not clear what is going to happen in Italy after the League and the Five-Star Movement were able to form a coalition and produce a government. The political sentiment of those parties is anti-EU and would likely worsen the issue of Italian debt, which already amounts for 23% of the eurozone’s entire debt. This issue is very important for the future of the single currency. Nevertheless, the latest inflation data was better than expected, which is putting the EU’s economy back on track. Good news regarding inflation and GDP growth will strengthen the euro.

The American dollar is also suffering from mixed sentiments. It is still backed by strong economic data, but as Trump’s announcement came that the United States will be imposing tariffs on Canada, Mexico, and the European Union, traders turned to safety assets, neglecting the dollar.

In terms of the daily chart, today we have a pivot point for the pair located at 1.1665, though the pair is currently trading above it. We expect the EUR/USD to eventually decline, so look towards the nearby support levels at 1.1661 and 1.1656. If the pair starts gaining again, be aware of the resistances at 1.1670 and 1.1674. The indicators of technical analysis are showing mixed signals but lean towards a sell recommendation.

SuperForex
NZD/USD: Review & Forecast

Technical Analysis

NZD/USD: Review & Forecast

The current rapid downward trend is losing its intensity. However, the deals to SELL still seem the most effective after the price correction.

SuperForex
01 jun 2018
USD/JPY Technical Overview & Daily Chart

Technical Analysis

USD/JPY Technical Overview & Daily Chart

The yen will continue to lose positions today.

SuperForex
31 may 2018
EUR/USD Technical Analysis

Technical Analysis

EUR/USD Technical Analysis

The pair is drawing the fourth wave currently.

SuperForex
31 may 2018