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Main » 2018 » August » 29 » The euro dollar technical outlook EUR / USD today 08/29/2018: EURUSD buyers quickly recover losses
The euro dollar technical outlook EUR / USD today 08/29/2018: EURUSD buyers quickly recover losses


Results of the last trading day EURUSD:

Tuesday, August 28, trading in the euro / dollar closed higher. Increased market volatility was observed during all trading sessions. In Asia, traders EURUSD attempted to reverse the upward trend, but were defeated in a couple of hours. With the level of 1.1663 the price rebounded to 1.1700. Against the background of a weakening dollar, as well as the growth of cross-pairs with the euro, the euro / dollar rose to 1.1734.



Trade agreement between the US and Mexico has increased the demand for risky instruments. And given that the hourly TF they are in the Up-trend, then the rising crosses buyers "demolished everything in its path."  

euro strengthening was stopped American statistics and increasing the yield on 10-year US Treasury bonds. The dollar perked up after the release of strong US consumer confidence data. In August, the index was 133.4 (forecast was 126.6, the previous value is revised from 127.4 to 127.9). They corrected the euro to 1.1691, and then moved sideways in a narrow corridor.


Planned statistics (GMT + 3):

At 09:00 Germany will release the consumer climate index from Gfk September.

09:45 France will report on changes in consumer spending for July and GDP for the II quarter.

At 11:00 Switzerland will present an index of investors' expectations, according to ZEW and Credit Suisse in August.

At 15:30 Canada will announce the change of the balance of payments for the II quarter, and the US - the change in GDP for the II quarter.

At 17:00 the US will declare the change of volume of pending home sales for July.

At 17:30 in the US Department of Energy will report on changes in stocks of oil.



Fig. 1 hourly chart of EUR / USD


Current Situation EURUSD:


Demand for risky assets and EUR crosses outweighed the "bearish" divergence and the "double top". My expectations for a release from the upper boundary of the channel day did not materialize. Well, I reduced the risk per trade against the trend in a 2-fold, to 0.5%.  


The graph allocated two portions that are similar in correction and subsequent growth. EURUSD until the sellers are not interrupted at least 1.1663 (August 27), buyers can return the price to the level of 1.1734.

Hour cycles and patterns of movement of 120 bars indicate the upward flat today, Wednesday, and drop - August 30. In this regard, according to the forecast, I considered the price increase to the level of 1.1720 during the European session, and its reduction - up to 1.1696 at the American session.  

Today, the attention of traders on EURUSD will be directed to American statistics: index of US GDP for the II quarter, the change in volume of pending home sales for July. 

To buy euros in the current phase is not desirable. And with the return of prices in zone 1,1720-1,1734 can again take a chance to sell the euro for the purpose - 1.1600.


EURUSD Forecast for today Vladislav Antonov Alpari




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