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EURUSD could be panic further todayEURUSD Technical Overview: Pivot: 1.1745 (Time of writing EURUSD 1.1705) Key Resistance: 1.1718 - 1.1739 - 1.1758 - 1.1788 - 1.1820 Key Support: 1.1688 - 1.1665 - 1.1645 - 1.1624 - 1.1610 Day Trading Range: 1.1625 - 1.1745 Technical Indicator: RSI: The RSI moving around 30 level, from this pair can take some pull back but strong downward momentum. MACD: MacD loosing bullish scenario & trying to get strong volume in bearish side. Moving Average: SMA 200 (1.1724) & SMA 55 (1.1756) both are strong resistance for pair today. Technical Trade Idea: Most Likely Scenario: short positions below 1.1745 with targets at 1.1685 & 1.1665 in extension. Alternative scenario: above 1.1745 look for further upside with 1.1775 & 1.1795 as targets. Fundamental: The EUR/USD pair created a bearish outside day candle yesterday and could suffer a negative close today on a hawkish interpretation of the Fed policy. The US central bank raised rates by 25 basis point (bps) yesterday. More importantly, it removed the word “accommodate” and kept the interest rate dot plot unchanged, triggering speculation that the tightening cycle is nearing an end. Despite the “dovish” outcome from the Fed, the overall tone remains the same and the reversal last night was telling that there are still buyers in the dollar and we’re seeing more of that now. Moving forward, the EURO could suffer further in case the German CPI reading due for release at 12:00 GMT has worse than expected outcome while US Greenback could gain further support for its bull run if the US Q2 GDP and August durable goods figure, scheduled for release today has better than expected outcome which would indicate positive economic scenario in US markets. Thanks YoCryptoManic
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by yoCryptoManic