ZuluTrade Blog
Image

Market View

EURUSD Daily Technical View

Friday, February 17, 2017 4:21 AM GMT

Wednesday we had a large bullish reversal candle and yesterday we continued with positive momentum up to the 1.0675 level. The pair retraced back and it is currently around 1.064 area. Analysts estimate that the Dollar will rise on both the Fed outlook and the Trump tax plan idea, but we don't count on it.

EURUSD DAILY

Two long term patterns are visible. But they will be cancelled in the event we have new lows considering the symmetry would be lost. We can see a potential inverse Head and Shoulders which will be activated only if price breaks out the neckline. Secondly, there is a potential ABCD pattern but we must not see new lows below 1.052 level.


 

EURUSD HOURLY

Heading on the hourly timeframe, we have noted the major support zone around 1.059 to 1.056, which buyers need to hold in order to keep their hopes for new highs. Also, we have noted how the price may move according to the higher resistances in case we have a bullish momentum. We may have a short-term support on 1.0622 level too.



Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.