EUR/USD Forecast - 10-September,2015

02:31 Seven Star FX 1 Comments

EUR/USD Intra-Day Technical Analysis

The currency pair EUR/USD seems to be in bearish trend. It is finding support at the bullish trend line as shown in the chart below. It is finding resistance at 1.1177 which is the 38.2% Fibonacci retracement level. The trend line support seems to be strong enough at the time. Given Below is the Price Chart for the same.
EURUSD
  1.         EMA 10 and EMA 20 is showing bearish trend and the price cannot close above them.
  2.          The nearest key resistance levels are 1.1177 and the area of 1.1206/1.1211.
  3.          A triangle pattern was formed by the price.

Key Analysis:

If the currency pair EUR/USD will break trend line support the bearish trend will be continuing.

The currency pair EURUSD price may break the bearish trend line so we might see the trend reversal that seems to be primary bullish condition.

Recommendations:

  1. Recommendation for long: watch price chart to break the resistance area of 1.1206/1.1211 for possible buy trade with re-enter at 1.1341
  2. Recommendation to go short: watch currency pair price to break 1.1144 (23.6% Fibonacci retracement) for possible sell trade. At the same level there is the trend line support.

Analyst View:
Bearish

Resistance & Support Level
§ Resistance Level: 1.1177, 1.1206/1.1211
§ Support Level: 1.1142, 1.1131, 1.1090
  

Research Team:
1.       Analyst:
Mr. Dhruv Williams 
2.       Associate Analyst:
Mr. Konstantinos Nikolakakis

Disclaimer:
This document has been prepared by Seven Star FX Ltd and is meant for sole use by the recipient and not for circulation. This document is not to be reported or copied or made available to others. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended for non- Institutional Clients only
 
This report has been prepared by the Retail Research team of Seven Star FX Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of Seven Star FX Lt d

1 comment:

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