AceTraderFx Aug 02: Daily Recommendations on Major -EUR/USD
DAILY MARKET OUTLOOK on Major EUR/USD
Update Time: 02 Aug 2016 03:52 GMT
EUR/USD - 1.1167
Despite yesterday's narrow movement following last Friday's spectacular rally above previous res at 1.0120 (now sup) to a near 4-week peak of 1.1197, as 1.1154/57 has contained pullback, outlook remains bullish for recent upmove to resume after initial consolidation.
However, near term loss of upward momentum would prevent strong gain and reckon 1.3237 would cap upside.
On the downside, only a daily close below 1.1154 signal temporary top is in place, then risk would shift to downside for a retracement to 1.1120, break may extend towards 1.1068/73 later this week.
Update Time: 02 Aug 2016 03:52 GMT
EUR/USD - 1.1167
Despite yesterday's narrow movement following last Friday's spectacular rally above previous res at 1.0120 (now sup) to a near 4-week peak of 1.1197, as 1.1154/57 has contained pullback, outlook remains bullish for recent upmove to resume after initial consolidation.
However, near term loss of upward momentum would prevent strong gain and reckon 1.3237 would cap upside.
On the downside, only a daily close below 1.1154 signal temporary top is in place, then risk would shift to downside for a retracement to 1.1120, break may extend towards 1.1068/73 later this week.