EUR/USD recap for 18.07.2017
The range is strong in this one... For sure the beautiful sharp downtrend of 2014 for the pair has ended in 2015 and since then EUR/USD is looping around local tops and bottoms of its non-exit situation. With a confirmed bottom at 1.03462, the pair has managed to "tickle" 1.17214, leaving it alone ever since its high forming from 24th of August 2015.
Skipping 2016, as of July the 18th of 2017, the pair has managed to recover with a steady pace from 1.03462, supported from the weaker dollar, falling in stocks and inflation/rates related "stuff" from the FED. We saw the second hike this year. The pair's movement is overshadowing the outcome of the third "move up" for the rates. As steam is rolling in for fresh longs for the Euro pairs, a new hope emerges for a move at 1.17214. First things, first - 1.16231 as an immediate resistance is yet to be reached (soon). Today's Import Princes and NAHB Housing Market Index were unable to give a push for the Greenbuck, as they came flat and weaker - respectively.
Still there is a gap to be "filled" from the 24th of April opening candle, though as we know, not everything goes according the books. Since then, the pair has breached the 200D EMA and confirmed its strong intention to slip away from the lows. Never the less as it seems that EUR/USD is in an uptrend, the main boundaries of its range remain in force.