EUR/USD: Long For 1.1960 | Investing.com

: Long for 1.1960
Macroeconomic overview:

  • The euro rose to a more than two-week high on Tuesday as investors resumed buying risky assets in Europe on growing expectations that economic growth will remain strong against a backdrop of record low interest rates.
  • Eurostat confirmed that the Eurozone economy advanced 0.6% on quarter in the three months to September of 2017, in line with market expectations and following 0.7% growth in the previous period.
  • The mood among German investors improved further in November, a survey showed on Tuesday, suggesting that markets expect Europe’s biggest economy to continue its solid upswing in coming months. The Mannheim-based ZEW research institute said its monthly survey showed its rose to 18.7 from 17.6 in October. This undershot market consensus forecast for an increase to 20.0. A separate gauge measuring investors’ assessment of the economy’s current conditions shot up to 88.8 from 87.0 last month. This compared with the market consensus forecast predicting an increase to 88.0.
  • Also in focus, European Central Bank chief Mario , Federal Reserve Chair Janet , Bank of Japan Governor Haruhiko and Bank of England head Mark will form a panel on central bank communication at an ECB-hosted conference in Frankfurt on Tuesday.

Technical analysis and trading signals:

  • A drop below 50% fibo of June-September rise (1.1605) was not continued. The rejection of the downward move is a bullish signal. The EUR/USD remains supported above the daily cloud, spanning 1.1654/1.1633. A break of 21-dma at 1.1685 is encouraging for EUR/USD bulls. If it closes above this level today, the next target could be Ichi cloud base at 1.1816.
  • Our short position was stopped today and we have switched to long, which is in line with our fundamental view. We see also technical arguments for continuation of upward move.

supported by lower-than-expected British CPI reading
Macroeconomic overview:

Technical analysis and trading signals:

EURGBP Daily Forex Signals Chart
Source:
GrowthAces.com – daily forex trading strategies

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