EUR/USD long is still fashoonable

24.08.2017 / 09:28

Rating:

Eue/USD 24.08.2017

Our expectations: The price was moving in wide consolidation from 02.2015 to 07.2017, and broke the resistance of the channel as well as SMA 200. The price right now is above the moving average, which makes long more logical. The oscillators DeM(14) and CCI(50) are in zone of overbought , but still signal for reversing the bullish movement is lacking.

Alternative scenario: If the price goes back in the consolidation we can see test of the bottom support at 1.0450.

Comments: If we look smaller chart we can see that the movement has passed from donward into consolidation. After the last bottom at 1.1660 the price returned into the range 1685-1.1850. In H4 graph the price is above SMA 200, which makes long positions more attractive. CCI(50) - above 0 - positive signal. Break and holding of the price below this levels will trigger movement in the respective direction. Today is starting the Jackson Hole assembly of the central bankers. We will look for direction and clues from Mario Draghi about ECB monetary policy stance and the rate increase. From Janet Yellen the investors will awais information about shrinking of the balance sheet.

Bozhidar Arabadzhiev

Varchev Traders

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EUR/USD long is still fashoonable

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