FXOpen
The Euro (EUR) extended upside movement against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to more than 1.1350 ahead of some key economic releases. The technical bias remains bullish due to a Higher High and Higher Low in the recent wave.
Technical Analysis
As of this writing, the pair is being traded around 1.1349. A hurdle may be noted near 1.1378, the high of the bearish pin bar ahead of 1.1465, the high of the last major upside rally as demonstrated in the following daily chart.
On the downside, the pair is likely to find a support around 1.0818, the low of the last major dip ahead of 1.0520, the low of the April 2015. The technical bias will however remain bullish as long as the 1.0818 support area remains intact.
Retail Sales
The US Retail Sales data is scheduled for release tomorrow. According to the average forecast of different economists, the retail sales remained 1.1% in May as compared to 0.0% in the month before. Generally speaking, higher retail sales are considered positive for the economy thus a better than expected actual outcome will be seen as bearish for EURUSD and vice versa. The report will be released by the US Department of Commerce during the early New York session on Thursday.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy if we get another bearish confirmation through a bearish pin bar or bearish engulfing candle. It is always recommended to use proper risk & reward ratios to optimize profitability in the long run.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
The Dollar Index Rises by 6.7% in 2024
Throughout 2024, the US dollar traded with mixed dynamics but showed consistent strengthening over the past three months.
According to WSJ and Reuters, the following factors contributed to this growth:
→ Reports of a strong US economy and expectations that further
How Can You Trade Energy Commodities?
Energy trading connects global markets to the vital resources that power economies—oil and natural gas. These commodities aren’t just essential for industries and homes; they’re also dynamic assets for traders, influenced by geopolitics, supply, and demand.
Whether
Nikkei 225 Struggles to Hold Above the Psychological Level
The Nikkei 225 (Japan 225 on FXOpen) has risen nearly 20% in 2024, marking its best performance since 1989, according to Trading Economics. This impressive gain is especially noteworthy considering the market plunge in early August, triggered partly by the