For the Asian, Euro and US Sessions the EURUSD went… nowhere. Fund managers still on holiday…
Almost a flag setup with a possible break up…
During the early Asian session the EUR/USD escaped from the consolidative mode and rallied higher. The pair marked a daily at high at 1.0650 and the current market price is 1.0645. Today are expected German ZEW numbers, UK PM’s Brexit speech and US manufacturing index, which will bring significant impact on the pair.
On yesterday session, the EURUSD fell with a narrow range but found enough support at the 10-day moving average to trim some of its losses and managed to close in the middle of the daily range, however closed below Fridays low, which suggests a bearish momentum.
The currency pair is trading above the 10 and 50-day moving averages should act as a dynamic supports but remains trading below the 200-day moving average that also should act as dynamic resistance.
The key levels to watch are: a daily resistance at 1.0819, a key level at 1.0666 (resistance), a daily resistance at 1.0622, the 10-day moving average at 1.0586 (support), the 50-day moving average at 1.0556 (support) and a daily support at 1.0462.
The euro marked strong increase against the US dollar on Tuesday session. The EUR/USD pair reached intraday high at 1.0718 and the euro gained 115 pips. The resistance at 1.0682 was broken and the pair closed above this level. If the positive momentum continues, the next key level at 1.0742 will be tested soon.
On yesterday session, the EURUSD rallied with a wide range and closed near the high of the day, in addition managed to close above previous day high, which suggests a strong bullish momentum.
The currency pair is trading above the 10 and 50-day moving averages should act as a dynamic supports but remains trading below the 200-day moving average that also should act as dynamic resistance.
The key levels to watch are: a daily resistance at 1.0819, a key level at 1.0666 (resistance), a daily resistance at 1.0622, the 10-day moving average at 1.0597 (support), the 50-day moving average at 1.0557 (support) and a daily support at 1.0462.
Key levels to watch for:
Support: 1.0548; 1.0508;
Resistance: 1.0682; 1.0742;
The EURUSD retraces to the downside, but the bullish trend is still in place, it may try to break above the 1.0700 level again.
The single currency marked decrease against the US dollar on Wednesday session and the EUR/USD pair closed lower at 1.0680. The upcoming ECB’s monetary policy meeting today is going to set the pair under pressure. Technically the pair remains bullish, but a surprisingly dovish tone by Draghi can push the pair to downside.
Euro/dollar collapsed yesterday after the Fed chairman said the US economy is performing well and FED may gradually rise interest rates. The bias is bearish for now to test 1.0600. However, that price is still moving in the upward price channel, suggesting that the bullish phase after the bounce from 1.0350 is valid. First resistance is 1.0690, whose breach could resume bullish momentum testing 1.0800. Intraday support remains 1.0550. A clear break below could lead price to neutral zone testing 1.0500.
EUR/USD - sale from 1.0662
BASIC PARAMETERS
• Stop: 1.0702
• Limit: 1.0550
• Time horizon: 1 day
On yesterday session, the EURUSD fell with a narrow range and closed near the low of the day, although managed to close within previous day range, which suggests being slightly on the bearish side of neutral.
The currency pair is trading above the 10 and 50-day moving averages should act as a dynamic supports but remains trading below the 200-day moving average that also should act as dynamic resistance.
The key levels to watch are: a daily resistance at 1.0819, a daily support at 1.0622, the 10-day moving average at 1.0607 (support), the 50-day moving average at 1.0558 (support) and a daily support at 1.0462.
It’s starting to look like the 38.2% retracement level at 1.0706 (of the move down from 9th Nov to 3rd Jan) is going to mark the top of the move up from the low of 3rd Jan. Following Draghi’s remarks this afternoon we could see resumption of the downtrend orginating in April 2016 from a high of 1.1615. However, I think we’ll need to be wary of comments from Mr Trump over the next couple of weeks.
The EURUSD weakens and falls to the 1.0600 level, but it bounces rapidly from that level to the upside. Lets see if it manages to break above the 1.0700 level.
I was too quick to say that a top might have made at 38.2% 1.0706. Surprised to see the 240-50ma making support and price building from there. Difficult to predict what happens next with Trump being inaugurated but for now the move upwards from early January remains intact.
Initial indications are for downside price action into the London open:
No 4hr close above last week’s high resistance level 1.0684 today
Choppy price action on 60m and macd-histrogram turning lower, fast-stochastic rolling lower too
15m close above last week-hi is followed by break back below that prior resistance level
15m macd histogram is below zero
Overall it’s quite a mixed picture though with the upside structure on 4hr remaining mostly intact. Probably best to wait for some additionally clarity before trading.
On yesterday session, the EURUSD initially fell but found enough support near the 10-day moving average to trim all its losses and managed to close near the high of the day, although closed within previous day range, which suggests being slightly on the bullish side of neutral.
The currency pair is trading above the 10 and 50-day moving averages should act as a dynamic supports but remains trading below the 200-day moving average that also should act as dynamic resistance.
The key levels to watch are: a daily resistance at 1.0819, a daily support at 1.0622, the 10-day moving average at 1.0620 (support), the 50-day moving average at 1.0560 (support) and a daily support at 1.0462.
With the start of the 45th President of USA era the EUR/USD pair is seen uplifted and reached a six week high, climbing above the 1.07 handle. Looking at a weekly chart the technical indicators are recovering from oversold territory but yet are placed below the mid-lines. Expecting an upward correction around 1.08 level.
The Inauguration day did not do much on the pair.
The EUR/USD pair closed higher last week and the sentiment for the new week seems to be in favour of the bulls. Strong support is placed at 1.0550. Looking to upside now resistance is seen at 1.0750 and higher at 1.0815.
The bullish structure seen on the 4 hour chart remains intact with price now above the 38.2 retracement (1.0706) of the move down from US election day, this level providing resistance during last week. For the moment momentum has faded at the weekly R1 resistance (1.0753) so there is scope for some pullback ahead of and perhaps into the London open. If sentiment remains concerned about Trump’s leadership then I would expect price to continue upwards in-line with the technical structure.