Written By : ForexAbode.com || Friday, 17 July 2015 05:16 GMT

EUR/USD Daily Analysis - July 17, 2015

Current Exchange Rate: 1.0881 at the time of analysis update.

Intraday overall outlook:  Bearish outlook for EUR/USD.

 
EUR/USD touched a low of 1.0856 and went into a narrow sideways mode for past 18 hours. During this time, the high of 1.0907 failed to retest the previous high of 1.0926 and that was not really a real high. 
The outlook remains bearish for the currency pair.
 
The current price action is testing the support of the rectangle pattern (horizontal channel) but we expect a break of that support.
 
As we had mentioned during the previous couple of updates, the strong resistance which held multiple times at 200-day moving average also keeps the sentiments bearish. 
 
On the upside we expect resistance to hold at or below 1.0950. If this resistance holds and a break of 1.0856 support takes place then the next target should be 1.0820 support zone.
 
From the longer-term perspective we are not ignoring the possibilities of the decline towards 1.0660 to 1.0680 zone.
 
On the upside any break over 1.0950 may target 1.1020 to 1.1035 resistance zone.
 
 
Do also check all updates of EUR/USD analysis and outlook
 

EUR/USD Daily and Hourly Charts

EUR/USD Hourly Chart      

EUR/USD hourly chart -July 17, 2015

EUR/USD Daily Chart      

EUR/USD daily chart - July 17, 2015

 

EUR/USD testing the support of the triangle chart pattern..

 

EUR/USD Interest Rate Comparison
(For Carry Trade)
Euro (EUR) interest rate
0.50%
US dollar (USD) interest rate
0.10%
EUR/USD interest Rate Comparison
0.40%

EUR/USD Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Friday, 17 July 2015 03:18) GMT

Standard Pivot Point for EUR/USD Fibonacci Pivot Point for EUR/USD Woodie Pivot Point for EUR/USD Camarilla Pivot Point for EUR/USD
R3 1.1028 R3 1.0988     R3 1.0907
R2 1.0988 R2 1.0953 R2 1.0985 R2 1.0898
R1 1.0935 R1 1.0931 R1 1.0928 R1 1.089
Pivot 1.0895 Pivot 1.0895 Pivot 1.0892 Pivot 1.0895
S1 1.0842 S1 1.086 S1 1.0835 S1 1.0872
S2 1.0802 S2 1.0838 S2 1.0799 S2 1.0864
S3 1.0749 S3 1.0802     S3 1.0855
Open 1.0938 Open 1.0938 Open 1.0938 Open 1.0938
High 1.0949 High 1.0949 High 1.0949 High 1.0949
Low 1.0856 Low 1.0856 Low 1.0856 Low 1.0856
Close 1.0881 Close 1.0881 Close 1.0881 Close 1.0881

EUR/USD's Correlations with other currency majors

EUR/USD Correlation Values:
 
EUR /USD
P
e
r
i
o
d
E
U
R
/
U
S
D
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
GBP
/USD
NZD
/USD
USD
/CAD
USD
/CHF
USD
/JPY
1
W
e
e
k
1 0.78 0.28 0.82 0.51 0.77 0.54 -0.28 -0.89 0.02
1
M
o
n
t
h
1 -0.66 -0.65 0.24 0.15 0.36 0.78 -0.8 -0.96 -0.63
1
Y
e
a
r
1 0.22 -0.67 -0.71 0.9 0.9 0.85 0.55 -0.99 0.69

EUR/USD Correlation Graph:
 
0.78
   
0.22
   
 
0.28
   
-0.67
   
 
0.82
   
-0.71
   
 
0.51
   
0.9
   
 
0.77
   
0.9
   
 
0.54
   
0.85
   
 
-0.28
   
0.55
   
 
-0.89
   
-0.99
   
 
0.02
   
0.69
   
   
0.78
   
0.22
 
   
0.28
   
0.67
 
   
0.82
   
0.71
 
   
0.51
   
0.9
 
   
0.77
   
0.9
 
   
0.54
   
0.85
 
   
0.28
   
0.55
 
   
0.89
   
0.99
 
   
0.02
   
0.69

Notes and caution about Forex analysis for EUR/USD

The daily EUR/USD analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and EUR/USD price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for EUR/USD.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the Current EUR/USD Exchange Rate.

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