EUR USD

 

EUR traded lower against USD and closed at 1.1365.

EUR/USD position as the second-best G-10 FX trade in months leading up to the first Fed cut, only outpaced by a long EUR/NZD position.

ECB easing is also a done deal now, as Draghi hinted of easing unless the outlook improves (more QE and a rate cut).

The outlook will not improve (before 2020), but the ECB usually delivers when projections are updated – i.e. in September (they will ease with a time-lag after the Fed.

Break of ADR Highs to further extensions or Break of Support to form a Double top.

 

According to the Analysis, pair is expected to find support at 1.13353 and a fall through could take it to the next support level of 1.13059. The pair is expected to find its first resistance at 1.14030, and a rise through could take it to the next resistance level of 1.14413.

 

GBP USD

 

GBP traded lower against USD and closed at 1.2675.

Pair @ support from previous 3 week Pivot.

Pair @ support from Pivot support candle.

Preparing for Pre G-20 Meeting.

Resistance @ Pivot resistance candle.

Resistance @ Monthly Pivot.

 

According to the Analysis, pair is expected to find support at 1.26366, and a fall through could take it to the next support level of 1.25980. The pair is expected to find its first resistance at 1.27488, and a rise through could take it to the next resistance level of 1.28224.

 

Key Fundamentals of the Day

 

The dollar fell against most major currencies on Tuesday, hitting a three-month low against the euro.

As expectations of multiple decreases of U.S. interest rates by the Federal Reserve have spurred selling of the U.S. currency.

Growing tensions between Iran and the United States stoked fresh safe-haven buying of the yen.

President Donald Trump believes the U.S. dollar is too strong, and the euro is.

 

For Detailed analysis visit XtreamForex YouTube Channel.

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