Technical analysis of EUR/USD for July 27, 2018
July 27, 2018 8:21 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
Yesterday I noted that price was challenging the long-term important resistance at 1.1730-1.1760. I also mentioned in yesterday’s analysis that the best option would be to go short this pair as the risk reward ration favored this view. The potential of a rejection was high, price was near resistance and the stop was very close. Price indeed got rejected and is now nearly 90 pips lower.
Black lines – triangle pattern
Blue lines – contracting triangle in RSI
The EUR/USD pair got rejected yesterday at the upper triangle boundary and is now trading near 1.1647. Trend remains neutral as long as we are inside this triangle. Break below 1.16 and we will start a move lower towards 1.13. Break above 1.1740 and we are off to 1.19. The RSI is approaching support level so traders should not chase the short side here until we have more info about the market conditions, specially after the US GDP announcement later in the day. This is a macroeconomic announcement that is expected to influence the direction of this pair significantly.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: