Jump to content

Euro Forecast: EUR/USD Bounce Cut Short on ECB – Technical Levels


Recommended Posts

Jul 21, 2022 | DailyFX
Michael Boutros, Strategist

EURO TECHNICAL PRICE OUTLOOK: EUR/USD WEEKLY TRADE LEVELS

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR/USD recovery off downtrends support in focus- threat for topside exhaustion ahead
  • Weekly support 1.0000/24 (key), 9902; resistance 1.0340, 1.0483, 1.0637 (critical)

Euro weakens against the US dollar trading below US$ 1.07 per EUR -  TipsForTrade

Euro is poised to snap a three-week losing streak with EUR/USD rebounding off technical downtrend support after plunging more than 5% in July. The recovery is in focus and we’re on the lookout for possible topside exhaustion on the heels of today’s European Central Bank (ECB) interest rate decision with the broader risk still weighted to the downside while below the monthly open at 1.0483. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro technical setup and more.

 

EURO PRICE CHART – EUR/USD WEEKLY

Euro Price Chart - EUR/USD Weekly - Euro vs US Dollar Trade Outlook - EURUSD Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,988
    • Total Posts
      95,311
    • Total Members
      43,596
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Mamzy
    Joined 23/09/23 05:19
  • Posts

    • Just now, according to Glassnode data, the number of addresses holding more than 100 BTC has reached a four-month low, currently standing at 15,955.
    • Bitcoin and other major crypto experienced a dip in value on Thursday, erasing gains made earlier in the week. The decline came after the Federal Reserve signaled that interest rates would remain high for an extended period, with Bitcoin retreating 2.3% to $26.5K. Despite the bearish pressure,  the founder and CEO of Bitcoin joint mining company Xive,  Didar stated that the stagnant rate increase is positive for Bitcoin. He suggested that this could reduce the attractiveness of mainstream financial assets to institutional investors in the long term, potentially driving a new rally in Bitcoin's price. Major altcoins and exchange tokens also struggled on Thursday, with ETH changing hands at $1,585, down about 2.6% from Wednesday. Other altcoins such as BNB and BGB also experienced losses. Despite these challenges, some analysts believe that Bitcoin is likely to remain within its recent range between $25,000 and $30,000. Riyad from digital asset data platform Kaiko, noted that the market needs a catalyst to mount any serious rally.  What are your thoughts? 
    • Traditional banking systems served as the gatekeepers of financial services for long, dictating how people access loans, save, and invest in opportunities. Typically controlled by a centralized system with a single authority such as a bank or government in total charge, this centralization is limited by high fees, restricted accessibility and slow transaction speed. Dentralized finance, DeFi, got introduced as a blockchain-based financial system that removes intermediaries or central authorities, and utilizes smart contracts instead. By eliminating intermediaries, DeFi delivers core benefits like improved accessibility into the financial system for everyone having internet connection regardless of their location. DeFi is also valued for its transparency. While traditional banking system often deny customers audits on how their assets are being managed, DeFi, through the help of blockchain allows anyone access to tracking and auditing transactions, thereby raising trust. Furthermore, DeFi also offers various financial services and products like DEX, lending and borrowing, stablecoins etc, all known to proffer varied innovative solutions, while operating 24/7 in contrast to traditional finance. DeFi isn’t flawless as issues like insecurity, lack of consumer protection etc are still prevalent; however, the growth of DeFi has been impressive; since its introduction, the total value locked in DeFi protocols has grown significantly indicating that the demand for DeFi services is fast growing. DeFi seems to be redefining financial industry by offering an alternative to traditional banking systems. With the increasing adoption, can we expect to see an overhaul in the way we access financial services?        
×
×
  • Create New...
us