You are here:---EURUSD Technical Analysis (Weekly Chart) 16th July 2017

EURUSD Technical Analysis (Weekly Chart) 16th July 2017

This is a EURUSD Technical Analysis on a Forex Blog.

EURUSD – On the weekly time frame, we see this pair going higher.

With Draghi and his gang talking about the possibility of reversing their loose monetary policy, the euro which in the nearest term due to their negative rates policy have become a carry trade currency.

Carry trade traders would be forced to unwind their trades if the euro starts to become more expensive to borrow.

So, before the bosses at ECB start to really pull the trigger on negative rates, they would be the first to exit any euro carry trades. In other words, they will be buying the euro in order to repay for the euros that they had borrowed much earlier.

I expect EURUSD to at least test the 1.16 zone.

We might see the pair retrace lower to test support at the 1.129 region which is also a great level to enter a buy trade on this pair.

Lets observe how EURUSD trades next week.

Will try to keep you guys updated.

Trade well.

To your success!

Ardy Ismail

Pro Trader & Founder ForexAchievers.com 


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By | 2017-07-16T09:40:00+00:00 July 16th, 2017|Categories: EUR/USD, Forex Trading Signals|0 Comments

About the Author:

Ardy Ismail is a Professional Forex Trader specializing in the Forex, Gold and Stock market. He trades using both Technical and Fundamental Analysis and teach other traders how to trade using higher time frames and multiple time frames. He started trading the stock market in 1999. Seeing how trading Forex and the Gold market can be a lucrative business, he started trading these markets in 2008 and continues to do so till this day.

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