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De-escalation of political crises in Spain regarding the independence of Catalonia helped Euro to trade higher. EUR/USD is trading around 1.1830, touched an intraday high at 1.1844. A daily close above 1.1860/80 resistance is necessary for the next leg of bullish momentum. The trigger for such a move may be a less than hawkish tone in the FOMC minutes tonight.
On the downside, a decisive break below the 1.1780 support is likely to accelerate the fall towards the 1.1720 level before the pair eventually drops to retest the 1.1700 round figure mark.
Support: 1.1800/1.1780, 1.1730/20 & 1.1661 [Aug.17 low]
Resistance: 1.1835, 1.1860/80 & 1.1935
Trading Scenarios [Source: RoboForex]
1.
Timeframe: Weekly
Sell at: 1.1819 with SL above: 1.1890 & TP at: 1.1600
Key Levels: 1.1600, 1.1865, 1.2000
2. Alternative Scenario
Timeframe: Weekly
Buy Stop at: 1.1870 with SL below: 1.1810 & TP at: 1.2000
Key Levels: 1.1600, 1.1865, 1.2000