The price respects the parallel support bounce 80 pips from the intraday lows erased earlier day losses but remains below 20dsma.
Fed’s Evans: US inflation unlikely before the end of 2016, “substantially” higher. “Tense” inflation expectations have not “been well controlled.” FOMC rate hike path than the rate hike itself is much more important. Fed rate hike in December if not let themselves be happier. Which should be ready for more time to assess economic data.
What’s on next?
Friday- Empire State Manufacturing Index
Capacity Utilization Rate
Industrial Production m/m
As we forecast at yesterday’s article “In case, if the price gave a dip towards 1.0800/1.0790 buying with sl 1.0770 levels favors the trend “ the pair manages to hold the support zone jumps to 0.1088 low made of 1.0800 levels.
Trading resistance seems at 1.0910, 1.0940 and 1.0980
Support finds at 1.0860, 1.0840 and 1.0800
In the weekly chart, strong resistance zone remains between 1.1000 and 1.1040 levels. Earlier multiple-tops placed at 1.1000 levels. Earlier swing high seems at 1.1060 which are another strong resistance zone.
Today if the price breaches the 1.0910 levels sustain above that, the bull will stretch to 1.1060 levels in the near term.
Also read: Bullish pattern remains
To contact the author of this analysis, please email- email@example.com
For real-time trades- connect through skype id- jesanand