EUR/USD Forecast - 10-September,2015
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.
- EMA 10 and EMA 20 is showing bearish trend and the price cannot close above them.
- The nearest key resistance levels are 1.1177 and the area of 1.1206/1.1211.
- 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:
- 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
- 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
This document
has been prepared by Seven Star FX Ltd and is meant for sole use by the
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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
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