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  • EUR/JPY Forecast – Euro Remains In Uptrend Vs Japanese Yen

    EUR/JPY Forecast – Euro Remains In Uptrend Vs Japanese Yen

    • The Euro after trading towards 128.00 against the Japanese Yen started an uptrend and moved above 130.00.
    • There is an ascending channel pattern forming with support at 129.80 on the hourly chart of EUR/JPY.
    • Today in the Euro Zone, the preliminary Gross Domestic Product figure for Q2 2017 was released by the Eurostat.
    • The outcome was above the forecast of +2.1%, as there was a rise of 2.2% in the GDP (YoY).

     

    Euro Zone Gross Domestic Product

    Today in the Euro Zone, the preliminary Gross Domestic Product figure for Q2 2017 was released by the Eurostat. The market was positioned for a rise of 2.1% in the GDP compared with the same quarter a year ago.

     

    However, the actual result was above the forecast of +2.1%, as there was a rise of 2.2% in the GDP. In terms of the quarterly change, the GDP came in at +0.6%, just as the market expected and similar to the last reading. The report added that:

    Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.2% in the euro area and by 2.3% in the EU28 in the second quarter of 2017, after +1.9% and +2.1% respectively in the previous quarter.

     

    Overall, the EUR/JPY pair remains in an uptrend and likely to move higher towards the 130.40-50 levels in the near term.

     

    EUR/JPY Technical Analysis

    The Euro was under a lot of pressure this past against the Japanese Yen and traded below 130.00. The EUR/JPY pair broke the 129.00 and 129.50 support levels to trade as low as 128.04 where it found buyers.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The recovered sharply and moved above the 129.50 resistance area and the 100 hourly simple moving average. At the moment, the pair is following an ascending channel pattern with support at 129.80 on the hourly chart.

     

    There was a minor dip recently towards 129.60, but the pair quickly recovered above the 38.2% Fib retracement level of the last decline from the 130.39 high to 129.58 low.

     

    The pair may soon break 130.20 for further gains in the near term. On the downside, dips towards the 129.80-130.05 levels remain supported. One may even consider buying dips with a stop below 129.75.

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  • EUR/USD Forecast – Euro To Dollar Remains Sell Near 1.1220

    EUR/USD Forecast – Euro To Dollar Remains Sell Near 1.1220

    • – The Euro moved down recently and broke a major support at 1.1200 against the US Dollar.
    • – There is a major bearish trend line formed with resistance at 1.1220 on the hourly chart of EUR/USD.
    • – Recently in the Euro Zone, the Gross Domestic Product for Q1 2017 released by the Eurostat posted an increase of 0.6%.

     

    Euro Zone GDP

    Recently in the in the Euro Zone, the Gross Domestic Product for Q1 2017 was released by the Eurostat. The market was positioned for an increase of 0.5% in Q1 2017, compared with the previous quarter.

     

    However, the actual result was above the forecast, the increase was 0.6% in Q1 2017. In terms of the yearly change, the Euro Zone GDP posted an increase of 1.9%. The report mentioned that “Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.9% in the euro area and by 2.1% in the EU28 in the first quarter of 2017, after +1.8% and +2.0% respectively in the previous quarter.”

     

    The EUR/USD pair remains under bearish pressure and likely to face sellers near 1.1200 and 1.1220.

     

    EUR/USD Technical Analysis

    The Euro moved down recently and declined towards the 1.1180 support against the US Dollar. The EUR/USD fell below a key support and now looking to recover from the 1.1178 low, but could face a lot of hurdles in the near term.

     

    EURUSD Euro US Dollar

     

    On the upside, the broken support at 1.1200 may now act as a resistance along with the 23.6% Fib retracement level of the last decline from the 1.1282 high to 1.1178 low. There is also a crucial bearish trend line formed with resistance at 1.1220 on the hourly chart of EUR/USD.

     

    The same trend line resistance is near 1.1218-20, which is another hurdle. The stated levels coincide with the 38.2% Fib retracement level of the last decline from the 1.1282 high to 1.1178 low. If the pair corrects further higher, the 1.1200 resistance may act as a sell zone. Moreover, the 100 hourly simple moving average at 1.1250 and the 50% Fib retracement level of the last decline from the 1.1282 high to 1.1178 low might also prevent upsides.

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