EURUSD 2015-09-01

Sep 01 2015, 12:10 pm


Higher Volatility,,

On short-Term the market is ranging between the levels of 1.10 and 1.17, The market breached 1.1700 level, which activates the positive scenario to target testing 1.15 level as a first main target. The market with strong rise surpassing 1.1540 level ( Penetrated it already ! ) which supports the continuation of the bullish trend on the short term and medium term basis, and it is important to note that breaching the targeted level will extend the bullish wave to reach 1.1860 areas and we expect in the upcoming period, the market will confirm the continuation of the bullish trend towards 1.1980. Therefore, we are waiting to resume the bullish wave that its next targets located at 1.20 then 1.22. while the expected rise will remain valid unless breaking 1.10 level and holding below it. any penetration of the market of one of those levels would push the market further on the breakout direction. where breaking the 1.10 support will extend the bearish correction to reach 1.0800 levels initial, then 1.0660 and extend to 1.0520 in case breaking the previous level.

The downside breakout would be to test the levels of 1.04s (The lowest level of 2015) and the market then would await any penetration of that bottom which would push the market to the parity exchange.

However, the bullish scenario would be confirmed by the breaking the 1.15s rate on the short-term, crossing this pivotal level would push market toward 1.18 / 1.20 respectively.

The Technical analysis and patterns which is indicated on the above chart for a short to mid – term view

Daily Trend: UP
Weekly Trend: Down

  Support Resistence
Level 1 1.1250 1.1380
Level 2 1.1120 1.1467
Level 3 1.1030 1.1597
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