EUR/USD - A break of 1.1734 will add fire to the bull run.
Date: 24th July,2017 by Timothy Straiton
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Current level is 1.1648, trading 7% above the 40 week rising moving average of 1.0875 and above the monthly pivot level of 1.1325. Initial resistance is to be expected at 1.1734 which is the 38.2% Fibonacci retracement from the low of 1.0339 made in January 2017, measured from the high of 1.3992 made in May 2014. A break of this resistance would open the path to 1.2166 which is the 50% retracement of the
aformentioned range. Currently this currency pair is running into overbought territory with the 14 week relative strength index at 73%, therefore a short-term downside correction to the 1.13 area is by all means possible.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.