EUR/USD/FXWW News/Technical Analysis

EUR/USD outlook, Friday July 5th; Range trade with bearish bias

  • If medium-term consolidation is to continue then support levels near 1.2800 should hold (see chart)
  • Short-term EUR/USD trend is bearish with solid resistance now at 1.3030 (see chart).
  • EUR/JPY is bit directionless at the moment but big macros have been selling rallies.
  • EUR/GBP is still capped below .8600.
  • EUR/AUD looks like it will again have a weekly close below 1.4400 and with macros also booking profits in this cross, a retracment phase towards 1.3500 looks possible (see chart).

Conclusion: The technical picture suggests a 1.2800/1.3025 consolidation range and the crosses are suggesting a bearish bias.

  1. So the range in eur/gbp is back in play? I will test it. Will it be the time for building a short position? After Central Banks comments yesterday, I would say in dovish terms Draghi-Carney 1-0 🙂 If the EZ doesn’t gather pace quickly (no signs anyway), the lead will extend…

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