Euro

EUR/USD Analysis – Euro’s Upside Capped By 1.1775 Vs US Dollar

  • The Euro recently recovered from the 1.1679 low against the US Dollar, but failed near 1.1780.
  • There is a bearish trend line forming with current resistance at 1.1777 on the hourly chart of the EUR/USD pair.
  • Today in the Euro Zone, the French ILO Unemployment Rate for Q2 2017 was released by INSEE.
  • The outcome was better than the forecast, as there was a decline in the rate from 9.6% to 9.5%.

EUR/USD Technical Analysis

The Euro after a rejection from the 1.1680 support against the US Dollar started an upside move. The EUR/USD pair traded higher and climbed towards 1.1780 where it faced strong offers.

The pair started declining once again and currently trading below the 23.6% Fib retracement level of the last leg from the 1.1679 low to 1.1784 high.

On the upside, there is a bearish trend line forming with current resistance at 1.1777 on the hourly chart of the EUR/USD pair.

EUR/USD Hourly Chart

EUR/USD Technical Analysis

The next important support is near the 50% Fib retracement level of the last leg from the 1.1679 low to 1.1784 high at 1.1735.

The pair might continue to move lower towards 1.1735, and then it could make an attempt to retest the bearish trend line at 1.1777.

It seems like selling rallies in the near term towards 1.1770-80 might be considered for a move towards 1.1720.

French ILO Unemployment Rate and Euro CPI

Today in the Euro Zone, the French ILO Unemployment Rate for Q2 2017 was released by INSEE. The forecast was lined up for no change in the unemployment rate from the last 9.6%.

The actual result was better than the forecast, as there was a decline in the rate from 9.6% to 9.5%. Later today, the Euro Zone CPI for July 2017 will be released by the Eurostat.

The forecast is slated for an increase of 1.3% compared with the same month a year ago. If the actual result is below the forecast, the EUR/USD pair might decline in the near term.

Overall, the EUR/USD pair faces a tough resistance near 1.1775 and it won’t be easy for buyers to take the pair above it.

About Aayush Jindal 109 Articles
With over 10 years of experience and still counting, Aayush posses great technical and fundamental analysis skills in the Forex, Cryptocurrency and Financial Markets. His Analysis are well-know and famous for engaging with viewers easily. He is from IT background with a lot of passion in the Forex and Cryptocurrency Arena.


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