By Mexgroup.com
EUR/USD Struggling To Hold Ground
EUR/USD is trading in the green, but is showing some exhaustion signs on the Daily chart. Is bullish because is located above some important support levels. Has changed little in the morning and most likely is waiting for the Euro-zone data to bring some action. The Germn Factory Orders rose by 1.0% in June, exceeding the 0.6% estimate.
The Italian Retail Sales may increase by 0.1% in June and could come in the positive territory after two decreasing months, the Euro-zone Retail Sales will be released as well.
You should be careful in the afternoon as the US is to release high impact data. The fundamental factors will take the lead again, a high volatility is expected in the US session.
EUR/USD is trading above the upper median line (uml) of the minor ascending pitchfork and is fighting hard to approach and reach the 1.1909 previous high. We have an important upside target at the 50% Fibonacci line (ascending dotted line) as well, will reach this obstacle only if will have enough energy to close above the previous high.
Free Reports:
A failure to make new high will signal an overbought and a potential drop below the upper median line (uml). The bias is bullish as long as the rate is trading above the upper median line (uml). The greenback could take the lead on the short term if the US data will impress in the afternoon.
GOLD Looks To Trade Higher
The yellow metal is located in the buyer’s territory and should climb much higher in the upcoming days. Looks undecided right now, but maintains a bullish perspective after the failure to reach and retest some support levels (resistance turned into support).
You can see that has come down in the yesterday’s session, but failed to retest the sliding line (SL) and the warning line (WL1), signaling that the buyers are still in the game and could push it towards the 38.2% retracement level.
EUR/CHF Eyeing More Gains
Price tries to extend the latest gains an to hit another upside target. is trading above the 1.1500 psychological level and is very close to delete the yesterday’s minor losses. Has found temporary resistance at the second warning line (wl2) of the minor ascending pitchfork. Could be attracted by the confluence area formed between the second warning line (wl2) and the third warning line (WL3).
By Olimpiu Tuns
Market Analyst
Risk Disclaimer:
Trading in general is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment/deposit, so do not invest money you can afford to lose. You are strongly advised to carry out your independent research before making any trading decisions. All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this web site.
The post Daily Market Report – EUR/USD continues to hold around 1.1880 August 04, 2017 appeared first on mexgroupblog.
