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.
On the last Friday’s session the EURUSD initially fell but found enough support at 1.0622 to bounce back up and closed near the high of the day, in addition the currency pair managed to close above Thursday’s 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 daily support at 1.0622, the 10-day moving average at 1.0631 (support), the 50-day moving average at 1.0561 (support) and a daily support at 1.0462.
I think only Trump sign on economic decisions could put some impacts to the pair.
So again I find myself of the view that EURUSD looks most likely to sell into the London open. Here are my reasons:
Resistance at 4hr 500sma and rising trendline
Negative divergence x 2 on RSI-6, also neg divergence on macd - 4hr chart
macd histogram rolling lower - 4hr
On 60min there is also negative divergence on rsi-6 and the macd histogram is in negative territory
On 15m price made a lower-high after testing yesterday’s high resistance (1.0769) and is now below 1.0750 prior RES
The bullish structure on 4hr remains intact but price action is now weaker with the last leg/wave upward being less linear than prior legs.
The euro rose against the dollar on Monday. By the close of US trading EUR/USD was trading at 1.0768, gaining 0.61%. I believe that the support is now located at the level of 1.0587, the low of Thursday, and resistance is likely at the level of 1.0769 - the maximum of yesterday’s trading.
EUR/USD closed higher yesterday at 1.0762 as the US Dollar is still weighed by the inauguration day. The price is moving above the moving averages and technical indicators head north. The attitude remains positive and a test of the 1.0800 level is very likely.
On yesterday session, the EURUSD rallied with a wide range but found 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, the 10-day moving average at 1.0665 (support), a daily support at 1.0622, the 50-day moving average at 1.0567 (support) and a daily support at 1.0462.
EUR/USD bounced off the support at 1.0725 and is currently testing the resistance at 1.0750. A breakout above that resistance will likely lead to a further move to the upside towards 1.0770 again.
Key levels to watch for:
Support: 1.0550; 1.0370;
Resistance: 1.0815; 1.0980.
On yesterday session, the EURUSD fell with a narrow range and closed near the low of the day, in addition 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, the 10-day moving average at 1.0677 (support), a daily support at 1.0622, the 50-day moving average at 1.0571 (support) and a daily support at 1.0462.
Today the EUR /USD pair is slightly elevated, but holds within limited ranged. The pair topped today at 1.0768 and shortly afterwards retreated. Still the pair is being capped the strong resistance at 1.0770.
The EURUSD keeps its bullish trend, but it has not been able to reach the 1.0800 level. It may consolidate for a while above the 1.0700 level.
On yesterday session, the EURUSD went back and forward without any clear direction and closed in the middle of the daily range, also managed to close within previous day range, which suggests being clearly neutral neither side is showing control.
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, the 10-day moving average at 1.0677 (support), a daily support at 1.0622, the 50-day moving average at 1.0574 (support) and a daily support at 1.0462.