EUR/USD Outlook: Bears Are Pausing Ahead Of ECB

TRADING ANALYSIS

The EURUSD is moving within a narrow range around 1.1800 handle in early Thursday, awaiting signals from today’s ECB policy meeting.

The market expectations are mainly for dovish event that would add pressure to the single currency for attack at key supports at 1.1704/1.1694 (2021 low / Fibo 38.2% of 1.0635/1.2349 rally).

Long tails of daily candles of past three days signal that larger bears are facing headwinds, but remain firmly in play, as daily studies maintain negative momentum and moving averages remain in bearish setup.

Falling 10DMA (1.1811) and 20DMA (1.1838) track the downtrend from early June and mark solid resistances, with close above these indicators to sideline immediate downside risk.

Res: 1.1811, 1.1838, 1.1850, 1.1881.
Sup: 1.1751, 1.1737, 1.1704, 1.1694.

Tesla intraday: the upside prevails as long as 645.6 is support

TRADING ANALYSIS

Tesla intraday: the upside prevails as long as 645.6 is support

Our pivot point stands at 645.6.

Our preference:
The upside prevails as long as 645.6 is support.

Alternative scenario:
The downside breakout of 645.6 would call for 635.2 and 629.

Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Tesla is trading above both its 20 and 50 period moving average (respectively at 646.5 and 644.76).

Apple intraday: the upside prevails as long as 145.4 is support

TRADING ANALYSIS

Apple intraday: the upside prevails as long as 145.4 is support

Our pivot point stands at 145.4.

Our preference:
The upside prevails as long as 145.4 is support.

Alternative scenario:
Below 145.4, expect 144.2 and 143.6.

Comment:
The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Apple is trading above both its 20 and 50 period moving average (respectively at 144.43 and 145.79).

Nasdaq 100 (CME)‎ (U1)‎ Intraday: the bias remains bullish

TRADING ANALYSIS

Nasdaq 100 (CME)‎ (U1)‎ Intraday: the bias remains bullish.

Pivot:
14640.00

Our preference:
Long positions above 14640.00 with targets at 14780.00 & 14865.00 in extension.

Alternative scenario:
Below 14640.00 look for further downside with 14520.00 & 14445.00 as targets.

Comment:
The RSI is mixed with a bullish bias.

Crude Oil (WTI)‎ (U1)‎ Intraday: bullish bias above 65.70

TRADING ANALYSIS

Crude Oil (WTI)‎ (U1)‎ Intraday: bullish bias above 65.70.

Pivot:
65.70

Our preference:
Long positions above 65.70 with targets at 68.00 & 69.10 in extension.

Alternative scenario:
Below 65.70 look for further downside with 65.00 & 64.30 as targets.

Comment:
The next resistances are at 68.00 and then at 69.10.

Dax (Eurex)‎ Intraday: key resistance at 15390.00

TRADING ANALYSIS

Dax (Eurex)‎ Intraday: key resistance at 15390.00.

Pivot:
15390.00

Our preference:
Short positions below 15390.00 with targets at 15080.00 & 15010.00 in extension.

Alternative scenario:
Above 15390.00 look for further upside with 15480.00 & 15570.00 as targets.

Comment:
As long as 15390.00 is resistance, look for choppy price action with a bearish bias.

Gold Intraday: key resistance at 1815.00

TRADING ANALYSIS

Gold Intraday: key resistance at 1815.00.

Pivot:
1815.00

Our preference:
Short positions below 1815.00 with targets at 1804.00 & 1794.00 in extension.

Alternative scenario:
Above 1815.00 look for further upside with 1819.00 & 1825.00 as targets.

Comment:
As long as the resistance at 1815.00 is not surpassed, the risk of the break below 1804.00 remains high.

Dow Jones (CME)‎ (U1)‎ Intraday: bullish bias above 34145.00

TRADING ANALYSIS

Dow Jones (CME)‎ (U1)‎ Intraday: bullish bias above 34145.00.

Pivot:
34145.00

Our preference:
Long positions above 34145.00 with targets at 34810.00 & 34980.00 in extension.

Alternative scenario:
Below 34145.00 look for further downside with 33870.00 & 33630.00 as targets.

Comment:
The RSI is mixed with a bullish bias.

GBP/USD Intraday: under pressure

TRADING ANALYSIS

GBP/USD Intraday: under pressure.

Pivot:
1.3650

Our preference:
Short positions below 1.3650 with targets at 1.3570 & 1.3540 in extension.

Alternative scenario:
Above 1.3650 look for further upside with 1.3690 & 1.3725 as targets.

Comment:
The RSI is mixed to bearish.

EUR/USD Intraday: capped by a negative trend line

TRADING ANALYSIS

EUR/USD Intraday: capped by a negative trend line.

Pivot:
1.1790

Our preference:
Short positions below 1.1790 with targets at 1.1755 & 1.1740 in extension.

Alternative scenario:
Above 1.1790 look for further upside with 1.1805 & 1.1825 as targets.

Comment:
The RSI is mixed to bearish.