EUR/USD: Market Is Trading Along Uptrend With Target On 1.6500
Anton Kolhanov | Feb 24, 2017 01:58AM ET
Yesterday "FOMC Meeting Minutes" news not brought anything new, so market will be waitiing for Trump new tax policy news at the next week, february 28. At present time dollar is trading on resistance and we can expecting good correction with its weakness. This week we already do not have any important news, so technical conditions is saying only for range trading. Today we have "crude oil inventories", that will bring good trend to this market.
h2 TECHNICAL FORECAST/h2 h2 EUR/USD/h2Main scenario:
The market is trading along an uptrend with target on 1.6500, that may be expected to continue, while market is trading above support level 1.0500.
Alternative scenario:
An downtrend will start as soon, as the market drops below support level 1.0500, which will be followed by a move down to support level 1.0450/0400.
previous forecast:
Main scenarion:
The market is trading along a sideways trend between support 1.2400 and resistance 1.2495. An uptrend will start as soon as the market rises above resistance level 1.2495, which will be followed by a move up to resistance level 1.2585
Alternative scenario:
An downtrend will start as soon, as the market drops below support level 1.2400, which will be followed by a move down to support level 1.2345 and if it keeps on moving down below that level, we may expect the market to reach support level 1.2240.
previous forecast:
Get The News You Want
Main scenario:
The market is trading along an uptrend with target on 0.8520 - 0.8580, that may be expected to continue, while market is trading above support level 0.8430.
Alternative scenario:
An downtrend will start as soon, as the market drops below support level 0.8430, which will be followed by a move down to support level 0.8360.
previous forecast:
Fundamental outlook:
Before Trump tax news at february 28 market will continue to be trading sideways in current range.
Main scenario:
An downtrend will start as soon, as the market drops below support level 1225/30, which will be followed by a move down to support level 1217.
Alternative scenario:
The uptrend may be expected to continue in case the market rises above resistance level 1243, which will be followed by reaching resistance level 1251.
previous forecast:
Fundamental outlook:
OPEC fulfill its agreement on the permanent reduction of production by 90% and while the US continues to increase the volume of oil rigs its follow market to the balance and trade is going sideways between the resistance 54.60 and support 52.50. Exit from this range is possible in the case of changeos of OPEC policy or with the arrival of spring (April), when fuel demand is increases.
Main scenario:
The market is trading along a downtrend with target on 53.30 and 52.50, that may be expected to continue, while market is trading below resistance level 54.60.
Alternative scenario:
An uptrend will start as soon as the market rises above resistance level 54.60, which will be followed by a move up to resistance level 55.20.
previous forecast:
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.