EUR/USD Pushes Higher As The Buck Reaches Lower, CPI Eyed

Mon, Jul 17 2017, 11:47 GMT

by FxGrow.com

FxGrow Daily Technical Analysis – 17th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Pushes Higher As The Buck Reaches Lower, CPI Eyed

EUR/USD bullish trend is sustained supported by U.S Negative released on Friday, with disappointing CPI as Yellen mentioned that any tapering with Rates and U.S Federal balance sheet will be subject to economic data (U.S Data on Friday). As a result, the pair rallied from 1.1391 low on Friday, extended weaker gains this week with a higher high by 5-pips and 1.1475 peak for today.

Currently, the pair is trading 1.1448, awaiting vital data as EU releases Final CPI y/y. ECB will release a statement this Thursday along with Interest Rates decision which makes today's data articular. Draghi has mentioned for a potential change or increasing rates, if not, Quantitative Easing program edition which is currently attracting EUR/USD fever buyers, hence the pair dwelling high above. As for the buck, the U.S Index looks helpless with a yearly low at 94.83 for today.

Fundamentals:

1- EUR - Findal CPI and Core CPI today at 9:00 AM GMT.

Technical Overview:

Trend: Up

Target: 1.1580

Resistance levels: R1 1.1485+ , R2 1.1528, R3 1.1560+/- (D1)

Support levels: S1 1.1459, S2 1.1440, S3 1.1391 (D1)

Comment EUR Future: The market is bullish, still signalling for a run to 1.1580+. A pop over last week's reversal high will spark the extension to 1.1580. Be prepared for additional near term corrective action along 1.1450 to continue developing a staging level for rallies. Only a close under 1.1391* marks a near term peak and signals for retracement to attack 1.1308* for a larger downturn.

Daily RSI is at 62 , Hourly RSI at 51, which gives the pair space to push higher than Friday's high.

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Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
 

Published on Mon, Jul 17 2017, 11:47 GMT

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