xysoom
Matrosen-Obergefreiter
Joined: 26 May 2020
Location: China
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Posts: 64
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| Posted: 14 July 2020 at 10:39 | IP Logged
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EUR/USD Undecided Ahead Of The ADP Non-Farm Employment
Change!
EUR/USD is trading in the red according to the Daily
chart, but it is still traded above a major support area,
a further drop is far from being confirmed. The pair
seems undecided, but I really hope that the US data will
give us a clear direction these days.To get more news
about
Wi
kiFX, you can visit wikifx news official website.
¡¡¡¡The US ADP Non-Farm Employment Change could shake the
markets today, the economic indicator is expected around
2850K in June, versus -2760K in May. The fundamentals
will take the lead in the last three days of the current
week, so you should be careful because the high
volatility could ruin your trading account.
¡¡¡¡Also, the US is to release the ISM Manufacturing PMI,
Final Manufacturing PMI, Construction Spending, and the
ISM Manufacturing Prices later today, some good figures
could support the USDs growth in the short term. The FOMC
Meeting Minutes report will be published as well tonight,
you should be ready for significant movements in the US
session.
 01/637292182573739299/ART637292182573739299_691483.png-
wikifx_articlepic">
EUR/USD is still undecided because the US Dollar Index
has failed once again to resume its short term rebound,
to approach and reach the upper median line (UML) of the
major descending pitchfork.
¡¡¡¡The USDX is still traded within the minor up channel,
it moves sideways right above the weekly PP (97.18) level
and is waiting for the US data to dictate direction. As
Ive said in my previous analysis, EUR/USD could drop
deeper in the short term only if the USDX will resume its
rebound.
¡¡¡¡A USDX¡®s valid breakdown from the minor channel
followed by a further decline will push the EUR/USD
towards fresh new highs. USDX¡¯s bullish reversal will be
validated only by a valid breakout above the upper median
line (UML) and above the R1 (97.97) level.
¡¡¡¡USDX could edge higher if the US data will come in
better than expected today, while poor figures will
weaken the USD which it could lose significant ground
versus its rivals.
01/637292182623114740/ART637292182623114740_834574.png-
wikifx_articlepic">
EUR/USD continues to move sideways right above the 1.1200
psychological level, it has failed once again to close
below this downside obstacle. Still, EUR/USD is under
some bearish pressure as long as it is traded below the
upper median line (UML) of the descending pitchfork.
¡¡¡¡Monday¡®s failure to reach and retest the upper
median line (UML) has signaled a potential further drop,
but the sellers weren¡¯t strong enough to force the quote
to close below the 1.1200 and to make another lower low.
¡¡¡¡EUR/USD is trapped between the upper median line
(UML) and the 1.1200, a valid breakout from this pattern
will bring a great trading opportunity and will validate
the short term direction.
¡¡¡¡A downside breakout and another lower low, a drop
below 1.1167, will attract more sellers on the Daily
chart, while an upside breakout from this triangle and a
valid breakout above the upper median line (UML) will
invalidate a further drop and will validate another leg
higher.
¡¡¡¡The minor triangle will be a continuation pattern if
EUR/USD will make an upside valid breakout and if the
USDX will drop again in the short term. However, a
USDX¡®s rally will push EUR/USD in the seller¡¯s
territory, the pair will extend its corrective phase
towards the 1.1 level and towards the median line (ML).
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Topic: EUR/USD Undecided Ahead Of The ADP Non-Fa
