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EUR/USD Forecast: Bearish slide to accelerate below 1.1500 handle

Written By Denis Joeli Fatiaki | 2018-08-06 22:54:00 GMT

The pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow trading band, around mid-1.1500s, through the Asian session on Tuesday. Today's economic docket features the release of German industrial production and trade balance data, which along with the JOLTS job openings data from the US might provide some short-term trading impetus. Meanwhile, the biggest data point of the week will be the US consumer inflation figures, due on Friday, and might now play a key role in determining the near-term direction. 

From a technical perspective, last week's break below a short-term ascending trend-line support, forming a part of a symmetrical triangle on the daily chart, seems to have opened room for an extension of the near-term bearish trajectory. A break below YTD low level of 1.1508 and the key 1.1500 psychological mark would reaffirm the bearish bias and turn the pair vulnerable to aim towards testing sub-1.1400 level in the near-term.

On the upside, recovery attempts might now confront fresh supply near the triangle support break-point, now turned resistance near the 1.1610-15 region, and any subsequent up-move seems more likely to remain capped near the 1.1635-40 horizontal zone.

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By Denis Joeli Fatiaki
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