1.1200 On Deck For The EUR/USD
At this point, the EUR/USD appears destined for further consolidation between the 1.1275 and 1.1200 levels.
It has been a rough session for EUR/USD bulls. Rates are off more than 40 pips, with bearish pressure driving a vicinity test of the 1.1200 handle. If the selling continues, a hard test of last week’s low (1.1193) may develop by today’s forex close.
The economic calendar has driven today’s action in the EUR/USD. During the overnight, German and E.U. ZEW Surveys (July) came in decisively negative, suggesting a pessimistic view toward the aggregate economic situation. Losses were further extended during this morning’s positive U.S. Retail Sales report. As of this writing, the intraday downtrend has taken a break near 1.1210.
1.1200 In View For The EUR/USD
In a Live Market Update from Monday, I issued a long trade recommendation in the EUR/USD from 1.1209. Thus far, the trade has performed well, producing a +15 pip positive move and remains in the green. If you are live in this trade, staying the course until the 1.1234 profit target is hit is the play.
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Here are the key levels to watch for the remainder of the session:
- Resistance(1): Daily SMA, 1.1269
- Support (2): Swing Low, 1.1193
Overview: Although no major volatility is expected, Jerome Powell is scheduled to speak shortly, at 1:00 PM EST. If we see price action pick up suddenly, his comments will be the probable culprit.
At this point, the EUR/USD appears poised to further consolidate between 1.1275 and 1.1200. Unless Powell drops a bombshell on the markets, look for the bearish intraday action in the EUR/USD to fizzle during the late-session.
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