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EURUSD Price Analysis: Euro Rally Nearing Resistance

EURUSD Price Analysis: Euro Rally Nearing Resistance

2018-07-31 10:00:00
Nick Cawley, Strategist
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EURUSD – Prices, News and Technical Analysis

  • EURUSD rally likely to be buffeted by headwinds.
  • A break above resistance may open a further leg higher.

The latest IG Client Sentiment Indicator shows retail are 46% long EURUSD but recent positional changes indicate a mixed trading outlook.

The DailyFX Q3 forecasts for and analysis of USD and EUR are available to download here.

EURUSD Nudges Higher on Inflation but Growth Slows

Recently released data show that inflation has picked-up marginally in the EU, while growth has slipped back for the second quarter in a row. EU headline inflation rose to 2.1%, from 2.0%, but the ECB’s favoured indicator, core inflation rose to 1.1% from 1.0%, still way below the ECB’s below but close to 2% level. Growth slowed in the block to 0.3% in Q2, down from 0.4%.

EURUSD had been moving gently higher ahead of the data releases and is currently consolidating as it nears the July high at 1.1791. Breaking above here may prove difficult, especially if Fed Chair Jerome Powell gives a bullish update on the US economy at tomorrow’s FOMC meeting, while US non-farm payrolls lie ahead on Friday. The US jobs market remains extremely strong and little is likely to have changed due to the overall strength of the US economy.

EURUSD currently trades around 1.17250 and above its 20- and 50-day moving average. The RSI indicator is neutral but pointing slightly higher and there are minor resistance levels before the July high is hit. Above here the June 14 high at 1.1852 is the next target. On the downside, the two moving averages between 1.1682 and 1.1692 provide minor support.

EURUSD Daily Price Chart (December 2017 – July 31, 2018)

EURUSD Price Analysis: Euro Rally Nearing Resistance

If you are new to foreign exchange, or if you would like to update your knowledge base, download our New to FX Guide and our Traits of Successful Traders to help you on your journey.

What’s your opinion on the EURUSD? Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at Nicholas.cawley@ig.com or via Twitter @nickcawley1

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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