The euro recorded a decline against the dollar on Friday. The single currency completely lost the lead from the previous session and thus the pair moved to the support at 1.0613. Considering that short-term indicators are still in favor of the dollar, the probability to break the key level remains high. The session on Friday started at 1.0732 as from the beginning the bearish trend was leading . Bottom of the day was hit at 1.0640, and the session ended with only 4 pips higher.
On Friday session the EURUSD plunged with a narrow range and closed in the red near the low of the day.
The pair failed for the 2nd time to close above the 10-day moving average and continues to consolidate in a tight range from 1.0620 up to 1.0755. A close outside these ranges would suggest the beginning of a new trend.
The key levels to watch are the 1.0819 (resistance), a Fibonacci extension at 1.0703 (resistance), the 10-day moving average at 1.0695 (resistance), 1.0622 (Support), and 1.0462 (support).
The pair is retreating at 1.0624 currently, break below it would mean next target 1.0601 and follow by 1.0519.
EUR/USD still swinging between 1.0630 and 1.0730 price formed hammer on the support level and rebounded.
In my opinion, this week, the dollar will likely trade in a range against other major currencies, in expectation of the meetings of the Federal Reserve and the European Central Bank next month.
The break below 1.0600 so far isn’t confirmed, but I have little doubt that the pair will soon reach 1.0519 and will probably fall much lower than that.
The EUR/USD tested the support level at 1.0601 today but found a good around it, Tomorrow if he pair broke below i think it is gonna be good opportunity to open a position.
The Euro stays weak versus the Dollar and may keep dropping. Below the 1.0600 level it could easily go and visit the 1.0500 level.
Does anyone here have a position currently? How are you looking to manage heading into mid-week?
Yesterday the EURUSD initially fell but found enough support at 1.0622 to turn around although closed in the red but near the high of the day, suggesting a pullback for today.
The 10-day moving average continues to push the currency down acting as a strong resistance.
The key levels to watch are the 1.0819 (resistance), a Fibonacci extension at 1.0703 (resistance), the 10-day moving average at 1.0679 (resistance), 1.0622 (Support), and 1.0462 (support).
The single currency recorded a dynamic session against the dollar on Monday. The pair remained at the lower levels reached last week, but thanks to volatile trading all the time, support at 1.0613 was broken. Currencies, however finished above the key level and short-term expectations are in favor of the euro. Monday session started at a price of 1.0638 finished 3 pips below. The difference between the lowest and highest value for the day was 63 pips.
Yesterday on daily chart market made a doji, today EUR/USD is trading around the opening price most probably a second Doji is going to be formed. the market is waiting for the FED meeting before any big movement.
I agree, the pair is back to range between 1.0620-1.0690 before the next big change.
A doji like this might be a signal for a bigger move to the upside, with target around the resistance at 1.0790 - 1.0800. That doesn’t necessarily mean that the bearish trend is over, of course.
It is The calm before the storm, The EUR/USD is preparing to climb up and reverse the down trend.
We are definitely seeing some support on the Monthly Pivots and RSI is bottoming out. Should be a week or so before seeing some more upward price action.
I’m watching it…
The euro registered a slight increase against the dollar on Tuesday. The session was calm with no significant changes in the price. Short-term expectations remain in favor of the single currency. In this case the resistance at 1.0780 is threatened. The sessions started at 1.0635 and initially bulls prevailed. After being marked a peak at 1.0672, the price went through a correction and the final was set to level 1.0642.
Yesterday the EURUSD initially rose but found enough selling pressure near the 10-day moving average to reverse but still managed to close in the green at the middle of the daily range, suggesting a down day for today.
The 10-day moving average continues to push the currency down acting as a strong resistance.
The key levels to watch are the 1.0819 (resistance), a Fibonacci extension at 1.0703 (resistance), the 10-day moving average at 1.0663 (resistance), 1.0622 (Support), and 1.0462 (support).
There is a time for a little correction.
Finally the side trading is over and EUR/USD fell under 1.0600 but still waiting for the close of today before opening a short position next level 1.0550 then 1.0450 which is 2015 low.