EUR/USD Price Forecast August 16, 2017, Technical Analysis

EUR/USD daily chart, August 16, 2017

The EUR/USD pair fell rather significantly during the session on Monday, and accelerated to the downside after the US retail sales figures candle stronger than anticipated. However, looks as if the 1.17 level is trying to hold, and if it does, that would be a very positive sign. The market is one that I prefer to buy anyway, so this bounce could be the beginning of something special. Alternately, if we were to break down below the 1.1675 handle, then I think the market probably goes back down to the 1.15 handle where ice even more support. I believe that most currency traders are looking at the European Central Bank as one that’s going to be tightening, while the Federal Reserve, although tightening in the near-term, most traders are a bit skeptical of.

Written by FX Empire