DXY Gaining, EUR/USD Breaking Uptrend seems Momentarily, as Italian Budget concerns appears to be resolving reiteration
As the final quarter of the year has been set up quite nicely to begin in next week, DXY is gaining, EUR/USD downfall momentum seems to be momentarily in nature and Italian budget concerns are resolving.
- EUR/USD has a potential for head and shoulder move in the next couple of weeks, and EURO most likely to regain its losses in the past week.
- Still, DXY is gaining, yet the pace has been controlled
- Crude oil marching towards a fresh high above $75, as anticipated
- S&P bullish momentum may continue much further.
The potential for EUR/USD greenback and head should pattern
Today, in September 28th, EUR/USD was closed at 1.6004 and we are anticipating a head-and-shoulder move forthcoming. In accession, it is also expected that a EUR greenback move might have taken place in the next week.
EUR/USD Technical Outlook
With a shoulder move is on the verge of completion, it is much anticipated that a bullish move towards “head” should be forthcoming in the next few days. Also, the Italian turmoil regarding budget should be resolved in that particular timeframe.
As, 115.10 level has been played pivotal role in the downstream move of EUR/USD, a break below 115.10 would open up the opportunity to further downfall below 113.35. On the other hand, if a upward move towards the “head” begins at the next week, there is potential for the recovery of all losses occurred in the past week and a break above 1.1720 will seem to be very likely.
EUR/USD daily chart (Key support at 115.00)
Moreover, still DXY is gaining, though the moves seem to be more in control at the moment.
Crude oil moving towards the 75.00
Crude oil has been gaining momentum, although the USD bullish move was continuing. However, when USD move will break and a downfall pattern will appear, it is more likely that oil would move above the key pivot of 75.00. A break above 75.00 would open up the opportunity to reach above 80.00, for which the option traders already have begun their bookmaking move.
S&P 500 bullish momentum appears to be continued
For now, S&P bulls are not stopping and it is on the rise, moving towards a fresh high. As a bullish momentum continuing for 200-days, it is unlikely that a constant upstream trend would be stopped.
At this moment, we are waiting for the market to open tomorrow, (28.09.2018) and EUR/USD is on 1.1606, Crude oil marching towards 75 and is residing at 73.47. S&P bullish move appears to last for at least a week or two. It is much anticipated that the political turmoil in Italy over the budget would be resolved by the next week and an upstream move for EUR might be watching the light of the dawn pretty soon.
Read more about USD JPY here.
Disclaimer: The content of this article is personal opinion and should not be considered as investment advice or suggestion towards any trading activity.