EUR/USD Towards Fresh New Highs!|KOL Analysis•Olimpiu Tuns

EUR/USD is traded at 1.1865 level and is targeting the 1.1900 psychological level as the greenback is weakened by the USDXs drop. The pair moves sideways in the short term, an upside breakout will suggest buying.

The USDX drops and approaches the 92.55 static support, a downside breakout will validate larger drop and EUR/USD growth. The dollar continues to drop after Fridays mixed US data, the Retail Sales rose only by 1.2% in July, less compared to 2.0% estimate, the Industrial Production has increased by 3.0%, failing to reach 3.1% expected growth, while the Business Inventories indicator has decreased by 1.1% as expected.

The Core Retail Sales, Capacity Utilization Rate, and the Prelim UoM Consumer Sentiment have come in better than expected, but the USD‘s wasn’t impressed.

● EUR/USD In The Buyers Territory!

EUR/USD has managed to close and stay above the 1.18 psychological level signaling further growth. It is trapped between 1.1910 and 1.17 levels, another higher high will bring a great buying opportunity.

The failure to reach and retest the 1.17 level has announced strong bulls in the short term, the pair could jump way higher as the US Dollar Index is under selling pressure after the failure to make another higher high.

EUR/USD should move beyond 1.2 psychological level if it closes above 1.1917 former high, a valid breakout above the second warning line (WL2) will confirm a potential rally towards the 350% Fibonacci line.

● GBP/USD Consolidating Above Broken Resistance!

GBP/USD moves in range above the 78.6% (1.3062) broken retracement level, the outlook is bullish as long as the rate is traded above the median line (ML) of the major ascending pitchfork. Another higher high, jump above 1.3187 will suggest buying with a first potential target at the 100% (1.3513) level and at the upside 50% Fibonacci line.

You can notice that the median line (ML) has represented a strong dynamic resistance, the breakout has signaled further upside movement. Only a potential drop below the median line (ML) will invalidate further gains.

● USD/JPY Upside Still Possible!

USD/JPY is trading in the red despite poor Japanese data. The rate has come back down to retest a broken dynamic resistance, so the current drop could still be only a temporary one. The Japanese Prelim GDP dropped by 7.8%, more compared to the 7.5% estimate, the Prelim GDP Price Index rose by 1.5%, less versus 1.9% expected, while the Revised Industrial Production has increased only by 1.9%, the specialists have expected a 2.7% growth in June.

USD/JPY has jumped above the upside 50% Fibonacci line of the descending pitchfork signaling potential reversal. It has retested the broken dynamic resistance, but only another higher high, jump and close above 107.06 will really suggest a larger upside movement. Also, a valid breakout above the upper median line (UML) will confirm further growth in the upcoming period, this scenario will bring a long opportunity.

{About the Author}

Olimpiu Tuns is a seasoned market analyst / trader / trainer on the financial markets with expertise in forex, cryptocurrencies, commodities, futures, options, index, CFD for more than 8 years. He is also a famous blogger in both technical and fundamental analysis, trading signals, trade setups, etc.

He has worked as a Market Analyst / Consultant for three major Brokerage companies, Admiral Markets, MultiBank Exchange Group and InstaForex (live webinars, market analysis, educational materials, video analysis, video tutorials, ghostwriting, content creator), as a Social Media Manager and as a Financial Markets & Crypto Analyst / Contributor for very important news portals/blogs (investing.com, benzinga.com, forexalchemy.com actionforex.com, countingpips.com), websites, educational platforms (Forex.Academy, Forex.Today), independent clients, etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

{About the Author}

Olimpiu Tuns is a seasoned market analyst / trader / trainer on the

financial markets with expertise in forex, cryptocurrencies,

commodities, futures, options, index, CFD for more than 8 years. He is

also a famous blogger in both technical and fundamental analysis,

trading signals, trade setups, etc.

He has worked as a Market Analyst / Consultant for three major

Brokerage companies, Admiral Markets, MultiBank Exchange Group and

InstaForex (live webinars, market analysis, educational materials, video

analysis, video tutorials, ghostwriting, content creator), as a Social

Media Manager and as a Financial Markets & Crypto Analyst /

Contributor for very important news portals/blogs (investing.com,

benzinga.com, forexalchemy.com actionforex.com, countingpips.com),

websites, educational platforms (Forex.Academy, Forex.Today),

independent clients, etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

WikiFX,

a third-party forex broker inquiry platform, has collected the

information of 19,000+ forex brokers, 30 regulators, and helped victims

recover over 300,000,000.00 USD. WikiFX App provides functions like

forex brokers inquiry, calender, forex news express, calculator and

other trading tools to help you get trading done with ease.

Forex

brokers inquiry: in order to create a safe forex trading environment,

WikiFX offers you two methods of checking the compliance of forex

brokers, online checking and offline investigation report. WikiFX has an

independent inspection team, conducting on-spot visit to brokers

offices to identify they are trustworthy or not.

Forex calender: the financial events which may affect forex trading

Forex news express: providing you the latest info anytime and anywhere

Forex

forum: tons of posts by WikiFX users, containing technical analysis,

industry discussion, fraud brokers exposure; Users can exchange their

thoughts here freely.