EUR/USD remains mode... dari Aly

EUR/USD remains modestly changed while taking rounds to 1.1090 during Wednesday’s Asian session. The quote recently reversed from resistance-line of a symmetrical triangle formation, which in-turn portrays brighter chances of its pullback to pattern’s support, at 1.1055. However, a clear dip beneath 23.6% Fibonacci retracement level of 1.1088 becomes necessary for the decline.

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EUR has finally succumbed to the downside pressure and is extending the recent breakdown of the 1.1100 handle on the back of shrinking ‘repatriation’ forces, renewed buying interest surrounding the buck and expectations of ECB easing. That said, sustained bullish attempts in the pair still look flimsy amidst ECB’s preparations for a fresh wave of monetary stimulus (most likely to be announced in September), including a potential reduction of interest rates, the re-start of the QE programme and a probable tiered deposit rate system. This scenario has been confirmed as of late following poor results from the euro-docket, adding to the unremitting deterioration of the economic outlook in the region. On another front, Italian politics has resurfaced as a source of uncertainty as of late and is expected to weigh on the sentiment sooner rather than later.

Aly

EURUSD created a doji candle on Thursday, which has neutralized the immediate bullish setup. The pair is trading at 1.1032. Doji's high and low of 1.1085 and 1.1017 are the levels to beat for the #bulls and the #bears.

Aly