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EURUSD Rallies Capped by 1.1600 resistance level
Published: 08/23/2018

Thursday 23rd Aug at 12.30pm ECB meeting minutes are due for release. Any mention of ECBs intentions to move towards a rate hike and monetary policy tightening earlier then currently forecasted Q3 of 2019 could increase volatility in European equities and also EUR currency crosses.

Important resistance on the upside is at 1.1600
Current price action appears Bearish below that psychologically important level, targeting downside supports at 1.1550 initially. 
Confirmed loss of 1.1550 support and open up the way for the deeper retracement to 1.1490  followed by 1.1445-1.1400 levels. 
Alternatively confirmed breakout above 1.1600 and the Daily close higher, would negate the bearish outlook targeting additional upside resistances at 1.1650 followed by 1.1750 – 1.1800 levels.

 

 

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The week ahead is expected to be quieter on the economic data releases front.
Any additional Brexit news could impact volatility in UK equities and GDP crosses.

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