EURUSD
1.1268
Within the bigger channel
The market today hit a high of 1.1309 which will be considered as the pivotal level between the coming day’s directions (the direction up To touch the higher band of the channel @ 1.17 or the lower band of the channel @ 1.09s!).
We still putting more probability to the direction to be downward effected by the negative pressure which generated from the recent economic numbers and development.
On a mid-term Horizon;
The market is consolidating the major drop of the pair’ prices which have accrued by the begging of the year (Discounting Fed rate hike expectations, & bond purchase program by ECB); we do expect the trading within shown trading channel between the upper and lower boundary (Generally speaking the range is between the levels of 1.17 & 1.08); with higher probability the breakout out phase would be on the downside to target the levels of 1.07 / 1.05. However, In case the market penetrated the higher boundary of the rising channel then the target will be toward 1.20 & 1.22.
On a longer-Term View:
Economic factors represent a major pressure for Eur to drop against the US dollar on the longer-term horizon, we highly expected a rate below the parity (Below 1.0000 levels) to test a long Term major support at 0.98 & 0.95 respectively .
Daily Trend: Down
Weekly Trend: Down
| Support | Resistence | |
| Level 1 | 1.1080 | 1.1250 |
| Level 2 | 1.1020 | 1.1320 |
| Level 3 | 1.0960 | 1.1440 |
