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  • EUR/USD Forecast – Euro Back above 1.2000 Vs US Dollar

    EUR/USD Forecast – Euro Back above 1.2000 Vs US Dollar

    • – The Euro once again grabbed bids and moved above 1.2000 against the US Dollar.
    • – There are two bullish trend lines forming with support at 1.1970 on the hourly chart of EUR/USD.
    • – Today in the Euro Zone, the German Trade Balance for July 2017 was released by the Statistisches Bundesamt Deutschland.
    • – The outcome was below the forecast of €20.3B, as there was a trade surplus of €19.5B.

     

    German Trade Balance

    Today in the Euro Zone, the German Trade Balance for July 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for a trade surplus of €20.3B, compared with the last €21.2B.

     

    The actual result was below the forecast of €20.3B, as there was a trade surplus of €19.5B. Exports of goods and services in July 2017 were up by 0.2%, lower than the forecast of 1.25%, but more than the last revised -2.70%. Imports of goods and services in July 2017 were up by 2.2%, lower than the forecast of 2.8%, but more than the last revised -4.4%. The report added that:

    The foreign trade balance showed a surplus of 19.5 billion euros in July 2017. In July 2016, the surplus amounted to 19.1 billion euros. In calendar and seasonally adjusted terms, the foreign trade balance recorded a surplus of 19.5 billion euros in July 2017.

     

    Overall, the EUR/USD pair is likely to remain in the bullish zone and dips towards 1.2000 are seen as buying opportunity.

     

    EUR/USD Technical Analysis

    The Euro after a dip towards the 1.1820 against the US Dollar regained bids and was able to move higher. The EUR/USD pair made a nice upside move and traded above 1.1920, 1.2020 and the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    These are positive signs and means the pair is back in the bullish zone above 1.2000. It recently traded as high as 1.2093 where it faced sellers and currently correcting lower. It has moved below the 23.6% Fib retracement level of the last wave from the 1.1929 low to 1.2092 high.

     

    On the downside, there are two bullish trend lines forming with support at 1.1970 on the hourly chart. An intermediate support is near the 50% Fib retracement level of the last wave from the 1.1929 low to 1.2092 high at 1.2011.

     

    As long as the pair is above the 1.2000 handle and the trend lines it remains in the bullish zone and can be bought on dips.

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  • EUR/AUD Forecast – Euro Likely To Trade Further Higher Vs Aussie Dollar

    EUR/AUD Forecast – Euro Likely To Trade Further Higher Vs Aussie Dollar

    • – The Euro traded higher above 1.4100 against the Aussie dollar and remains supported.
    • – The EUR/AUD pair is following a nice ascending channel with support at 1.4120 on the hourly chart.
    • – Earlier today, the German Trade Balance for Feb 2017 released by the Statistisches Bundesamt Deutschland posted a trade surplus of €21B, better than the forecast.

     

    German Trade Balance

    Today in the Euro Zone, the German Trade Balance for Feb 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for the balance between exports and imports of total goods and services in Feb 2017 to post a trade surplus of €18.4B, compared with the last €18.5B.

     

    However, the outcome was above the forecast, as the German Trade Balance posted a trade surplus of €21B. The last reading was also revised up from €18.5B to €18.9B. German exports in Feb 2017 increased 0.8%, and imports declined by 1.6%. Moreover, the report mentioned that the “current account of the balance of payments showed a surplus of 20.4 billion euros in February 2017, which takes into account the balances of trade in goods including supplementary trade items (+23.1 billion euros), services (–1.4 billion euros) and others”.

     

    Overall, the result was positive, and may help EUR/AUD to gain pace for a move towards 1.4180.

     

    EUR/AUD Technical Analysis

    The Euro remained in a steady uptrend with a move above 1.4080 and 1.4100 against the Aussie dollar. The EUR/AUD pair recently traded towards 1.4180 where it found offers and moved down. The pair moved below the 38.2% Fib retracement level of the last wave from the 1.4084 low to 1.4178 high.

     

    EUR/AUD Technical Analysis Euro Aussie Dollar

     

    However, the downside was prevented by an ascending channel with support at 1.4120 on the hourly chart. Furthermore, the 61.8% Fib retracement level of the last wave from the 1.4084 low to 1.4178 high also acted as a strong support area along with the channel trend line.

     

    The pair is once again moving higher, and likely to retest 1.4178. But, if the current trend remains intact, there is a chance of the EUR/AUD pair testing the 1.4200 resistance area in the near term.

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  • EURUSD – Euro Rally About To Over Against Dollar?

    EURUSD – Euro Rally About To Over Against Dollar?

    • The Euro climbed higher this week against the US Dollar until it found sellers near 1.1300-20.
    • There is a major resistance trend line on the 4-hours chart of EURUSD that prevented further gains.
    • Today, the German Trade Balance released by the Statistisches Bundesamt Deutschland posted a trade surplus of €19.4B in July 2016, less than the forecast.

     

    German Trade Balance

    The Euro enjoyed a decent upside move this week against the US Dollar, but it looks like slowly the EURUSD pair is coming under pressure. The recent economic releases also increased the bearish pressure in the short term.

     

    Today, the German Trade Balance report was released by the Statistisches Bundesamt Deutschland. The forecast was lined up for the balance between exports and imports of total goods and services to post a trade surplus of €22.0B in July 2016.

     

    However, the result was a bit on the lower side, as the trade surplus was €19.4B in July 2016. Both imports and exports declined by 0.7 and 2.6% respectively.

     

    The report further added that “Germany exported goods to the value of 96.4 billion euros and imported goods to the value of 76.9 billion euros in July 2016. Based on provisional data, the Federal Statistical Office (Destatis) also reports that German exports decreased by 10.0% and imports by 6.5% in July 2016 year on year.” Overall, the result was not encouraging enough to lift the market sentiment in favor of the Euro bulls.

     

    EURUSD Pair Analysis

    The Euro was helped by a weaker US Dollar this week. The EURUSD pair marched higher and traded as high as 1.1320 where it found offers.

     

    EURUSD Pair Analysis Euro Dollar

     

    The stated level acted as a barrier earlier as well, so this is probably 4th time the upside was stopped. There a major resistance trend line on the 4-hours chart as well, which also defended the upside move.

     

    The pair already under a correction. It tested the 100 simple moving average (4H) where the Euro bulls appeared. There is a chance of another upside move towards the 1.1320. In that case, I think the Euro sellers might again succeed in protecting further gains as shown in the chart.

     

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