Eur/usd

[gka]

VRM analysis of EUR-USD

I attach the latest VRM charts for the EUR-USD which are explained in the first post of the Forex thread called

"Predicting future FX support and resistance levels using mathematics"

My take on the EURUSD is as follows

In the green long term chart to left EURUSD needs to CLOSE THE WEEK above the middle of the long term trend channel which is currently 1.1610

So I am long term bearish at the minute

In the blue short term chart to the right EURUSD needs to CLOSE THE DAY above the middle of the short term trend channel which is currently 1.1656.

So I am short term bearish. And so far today the EURUSD has tried twice to break through 1.1656 and failed.

The EURUSD is linked to GBPUSD and EURGBP through arbitrage and that's another story.

 

[Josh7]

The Dollar is showing signs of weakness as the Euro is going higher today. I think we can reach 1.1720 next week.

 

[Wilson80]

All hands on deck today due to the non-farm payrolls, last number was 157K and the market is expecting an improvement to 191K.

 

[Poppyseed]

Strong US dollar sent Eur/Usd further down to 1.155 level, the pair's upside is limited to 1.165 level, on the downside, extend decline only can be confirmed if there is break below the support level at 1.1520/25.

 

[Josh7]

It has been consolidating since June, hopefully Sept will be the kicker!

 

[fxstrategist]

The EURUSD is still stuck around the 1.1600 level without taking a clear direction. The pair still has a good resistance at the 1.1700 level and a support at the 1.1500 level.

 

[fxstrategist]

Consolidation persists on the EURUSD

There is no clear trend on the EURUSD as shown on the daily chart and the consolidation continues around the 1.1600 level. From the current level the price may head in any direction. To the upside, the 1.1700 level may still act as resistance, while the 1.1500 level may act as support.

 

[Poppyseed]

The EURUSD is still stuck around the 1.1600 level without taking a clear direction. The pair still has a good resistance at the 1.1700 level and a support at the 1.1500 level.

I agree, the pair is trading almost flat around 1.1600 level, the upside seems limited, and lack of strong directional strength.

 

[Wilson80]

I fully agree with your assessment, seems like is ranging for 7 days in a row now!!

 

[Poppyseed]

Eur/Usd extended its gains, immediate resistance around 1.1650 could be a challenge on the upside, break above it the pair face another target at 1.1700.

 

[Wilson80]

Yes I see it running toward 1.1700 if there are no bad surprises from the ECB later today.

 

[Poppyseed]

Eur/Usd is consolidating its gains after the pair rallied to 1.1700 level. Short term the pair seems bullish, but US retail sales report tomorrow might surprise us.

 

[fxstrategist]

Good rally indeed on the EURUSD to the 1.1700 level. The question now is... Will it continue higher? The 1.1700 level may act as resistance, but a breakout could take the EURUSD to the 1.1800 level where we can also find the 200 day EMA.

 

[Josh7]

EUR/USD broke resistance, next bull target I think will be 1.1790, a double top.

 

[Josh7]

The EUR/USD bulls are anxious to break the resistance. I think we can see 1.18 this week.

 

[fxstrategist]

Consolidation on the EURUSD

The EURUSD keeps a very good resistance at the 1.1700 level, but it really consolidates below that zone with the 55 day EMA around the 1.1600 level acting as support.

 

[Wilson80]

Today could be a make or break day as the ECB President Draghi's is giving a Speech @ 14:00 GMT+1. The question is will it fuel the bulls or bring out the bears into the market? I will definitely will be looking at the 1.1700 level.

 

[Poppyseed]

Bullish seems not over just yet, immediate resistance can be found 1.1790/20 zone, break above it we would be looking for another upward extension.

 

[Josh7]

EURUSD broke the 1.1790 res for a second time and is now back below it. Interesting to see how the week unfolds.

 

[Wilson80]

I'm looking to go short near 1.1795 if it comes up again.