EURUSD Forex Projections: The Ranging Days May Be Over

EURUSD Forex Projections

The Brexit is probably the most significant event that is likely to affect EURUSD in the Forex market. We are in the eye of the storm as the market awaits the UK to invoke Article 50 (A50), which will initiate the negotiations with the European Union (EU). Aside key economic figures, monetary policies of both the European Central Bank (ECB) and the US central bank (Fed) are likely to play a key role in Euro Dollar until the end of the year.

EURUSD Monthly Chart

Please click on the chart to enlarge:

EURUSD Monthly Chart 24/07/16

EURUSD Monthly Chart 24/07/16

EURUSD Weekly Chart

Please click on the chart to enlarge:

EURUSD Weekly Chart 24/07/16

EURUSD Weekly Chart 24/07/16

EURUSD 4hr Chart

Please click on the chart to enlarge:

EURUSD 4hr Chart 24/07/16

EURUSD 4hr Chart 24/07/16

EURUSD Monthly Trend

Since the beginning of 2015 EURUSD has been held in a tight range, The blue line on the chart suggests the range may soon come to an end, possibly by the end of the year. If EURUSD breaks below 1.0825, 1.0755 is expected to contain any further weakness in the currency pair. EURUSD is expected to target 1.1620 where further gains cannot be ruled out at the time of this writing.

EURUSD Weekly Trend

The daily chat emphasizes EURUSD tight range in the Forex market. 1,0960 may act as a firm support if EURUSD trades above 1.0995 on Monday at 21:00 GMT.  A firm break above 1.1465 may indicate EURUSD is due for further gains, inline with them monthly trend. Both the weekly and daily charts are similar, which is why we only quote the weekly chart.

EURUSD Intraday Trend

At an intraday level it appears EURUSD corrective gains may be imminent. If the lower blue line holds, Euro Dollar is expected to target 1.1045. A break above 1.1045 may lead to further gains towards 1.1115 initially. A stronger confirmation that the uptrend is imminent is a firm break above 1.1045.

EURUSD Key Price Levels Summary

WEEKLYINTRADAY
1.0960 (S)1.1045
1.0755 (S)1.1115
1.1465----
1.1620----

(S) = Referred to as support, which is the price level we would expect to contain any weakness in the exchange rate should it be reached.