Analysis and forecasts for EUR / USD 08/17/16
On Tuesday there was a strong growth, which broke last important resistance. Overcoming the level of 1.1233 is a signal that there has been to knock the mountain with more than several weeks side trend. The currency pair reached the 1.1322 level, which covers the cleft of 6 June and represents around 61.8% abolish inheritance from 1.1617 to 1.0909. From a technical point of view, the road to higher levels has been opened. In this case, we should see a correction of Tuesday's gains and then the game should include the demand side. (Support is located at 1.1263 (50% fibo), 1.1245 (downtrend line) and 1,1217-33).
After breaking the level of 1.1322, the next target seems to be the level of 1.1346, which can be a strong barrier to demand. (The model range of motion correction downward from the level of 1,1617-1,0909). It was therefore to be expected at this level, attacking the supply side. While overcoming resistance will signal that we are heading towards 1.1427 and 1,1449-60. At the moment the market sentiment favors a common currency.
Alternative variant involves breaking the support at 1,1217-33. In this case, you must reckon with further declines towards 1,1166-91.
In connection with empty calendar in macroeconomic major fluctuations to be expected in the evening, when investors learn about the FOMC protocol.
After breaking the level of 1.1322, the next target seems to be the level of 1.1346, which can be a strong barrier to demand. (The model range of motion correction downward from the level of 1,1617-1,0909). It was therefore to be expected at this level, attacking the supply side. While overcoming resistance will signal that we are heading towards 1.1427 and 1,1449-60. At the moment the market sentiment favors a common currency.
Alternative variant involves breaking the support at 1,1217-33. In this case, you must reckon with further declines towards 1,1166-91.
In connection with empty calendar in macroeconomic major fluctuations to be expected in the evening, when investors learn about the FOMC protocol.
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