By Mexgroup.com

EUR/USD Head And Shoulders?

The price is trading in the green and tries to hold the ground. EUR/USD increased, but failed to reach the 1.1986 Friday’s high, but could still reach it if the USDX will fail to jump higher. The pair is narrowing on the short term and I hope that we’ll have a fresh trading opportunity soon because this can’t last too long.

Price has increased as the USDX seems undecided on the short term, the index changed little today and continues to stay in the red zone. USDX needs a bullish spark to be able to climb much higher on the short term because right now is still located under significant resistance levels.

The Euro is trading in the green versus all its rivals also because has received a helping hand from the Euro-zone data.

Price increased today, but failed to reach the 1.1986 Friday’s high, could still touch it if the USDX will slip lower in the upcoming days. You can see that is moving sideways on the short term, the current rebound is natural after the failure to reach and retest the median line (ml) of the minor descending pitchfork.

Technically is expected to climb to retest the upper median line (uml) of the minor descending pitchfork and also the upper median line (UML) of the ascending pitchfork. It was somehow expected to drop further on the short term after the failure to stay above the 50% Fibonacci line (ascending dotted line) and above the 1.2041 static resistance.

Personally, I still believe that will approach and reach the median line (ML) of the black ascending pitchfork, even if will move in range.

USD/CHF Breakout Still On Cards

The USD/CHF is trading in the green right now and tries to recover after the Friday’s drop. Price continues to be trapped below the median line (ML) of the descending pitchfork, but a breakout is still favored. I’ve drawn a minor ascending pitchfork to catch a potential upside movement, but we need a valid breakout above the Ml to confirm it.

Is also pressuring the 0.9634 static resistance, but could come to retest the lower median line (lml) of the ascending pitchfork before will climb much higher.

GBP/JPY Breakout Needs Confirmation

GBP/JPY drops after the morning increase, this is not a surprise after the impressive rally. Price has rallied aggressively in the previous week and reached the 151.25 level. Could come down to retest the 150% Fibonacci line (ascending dotted line) before will resume the upside movement. The next important upside target remains at the lower median line (LML) of the ascending pitchfork.

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’t 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 website.

The post Daily Market Report – EUR/USD Still In The Green September 18, 2017 appeared first on mexgroupblog.