EUR/USD Price Analysis: Bulls eye a run to test 1.0700 and the bears eye 1.0600
|- EUR/USD traders get set for the Fed and eye1.0600 as a key support area and 1.0520s below it.
- EUR/USD resistance is marked up as 1.0700 and 1.0790 thereafter.
As per the prior analysis, EUR/USD soars as US CPI comes in below expectations, EUR/USD has continued to test higher in the 1.06 area, taking on the support quarter to reach a high of 1.0671 as the following analysis illustrates.
All will now depend on the Federal Reserve at the top of the hour but the key levels are identified below:
EUR/USD prior analysis
It was stated, that in the above daily chart, the market was shown to be on the front side of the bullish trend and there was every possibility that the price would continue higher into the in-the-money shorts towards 1.0800/50 in the days or weeks ahead.
EUR/USD update
As illustrated, the price has moved into the target area and is leaving a W-formation in its tracks. This is a reversion pattern whereby bulls would be expected to move in at a discount from the neckline should there be a testest thereof.
This marks 1.0600 as a key support area and 1.0520s below it as being the CPI take-off point. Above the spot, we have 1.0700 as a key level where a measured move of -0.272% of the potential correction's range to support meets the prior mid-summer resistance looking left. We have 1.0790 thereafter as the next level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.