Will EUR/USD Move Above 1.1000?
Ali Syed Arsalan | Jul 26, 2015 05:40PM ET
The pair closed below 100-SMA on 4 hr chart.
There is a very strong resistance around 1.1000 and at the same time, it is also seen as a strong psychological resistance.
The short term downtrend from 1.1210 to 1.0800 the retracement of 50% Fibonacci is also seen around 1.1010, and will also add additional resistance to the pair.
Important levels to be seen are:
1.0000 - Resistance
1.1110 - Resistance
1.0880 - Support
1.0800 - Support
The upcoming data on the USD and EUR will play a very important role in determining the course of the currency.
Fundamental data from Germany, especially German Ifo Business Climate, and updates on Greece have to be monitored this week.
On the USD, we have FOMC Statement and a few fundamental data, which will be released this week to be monitored.
The support and resistance levels have to seen and proper trade set ups have to be made accordingly.
According to the technical side, we can see a Short Trade Set-Up at 1.1000 with SL - 1.1110 an Targets - 1.0880 and 1.0840 respectively.
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