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Old 18-07-2018, 09:00
ObasiFXMart ObasiFXMart is offline
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Join Date: Jul 2018
Posts: 98
Default Re: Daily Market Analysis by ForexMart

EUR/USD Technical Analysis: July 18, 2018

The euro rallied at the beginning of the Tuesday session and reach up to 1.1750 prior to retreating back at 1.700 below, which were the trades began for the day. We can expect noise to be present in the pair considering that there are Brexit negotiations and a strong dollar. Yet, looking at the charts, clearly, it shows that the true resistance would be above 1.1850 while the floor of the pair can be found at 1.15 below.

Given the high frequency in trading, there is a huge amount of volatility in the EUR/USD pair. At the end of the day, the 1.17 level offers support which is a good indicator or further goes up on Wednesday. Also, the 1.1675 level offers support where there is also a high demand. I assume that the market will look for value on dips, especially for hunters. Yet, traders should still be careful in putting money at stakes. Hence, I would suggest to trade slowly and then gradually add more to reach new fresh highs.

In general, the pair could stay long in consolidation range which should be considered given that there will be a lot of noise and headlines could influence the pair for sudden movements.
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