EUR/USD moved to the upside yesterday but currently it’s caught in a tight range, testing the resistance at 1.1100. I doubt that will end before the NFP tomorrow.
The euro depreciated against the dollar on Thursday. The session started at 1.1099 and ended 38 pips lower. The intraday high was marked at 1.1106 and low at 1.1052. In the short term the outlook is positive, but for significant upward movement is needed breakthrough of 1.1100.
Yesterday EURUSD fell with a narrow range and closed near the low of the day, in addition managed to close within the previous day range, which suggests being slightly on the bearish side of neutral.
Today we will have the nonfarm payrolls data and market is expecting the creation of 175K new jobs in June but this number is also subject to strong reviews in the upcoming months, and those reviews also tend to trigger volatility in the EURUSD.
The pair continues to trade below all 3 moving averages the 10, 50 and 200 that should act as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1222 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1096 (resistance), the 200-day moving average at 1.1095 (resistance) and Fridays low at 1.0912 (support).
I was hoping that the fundamentals today would cause a move in a clear direction, rather than a whipsaw, but clearly that wasn’t the cause. EUR/USD is still struggling to break below 1.1030 and it’s doubtful that will happen this week.
That’s true, the pair is lacking of strength to continue its downside movement, only just holding above it’s support level 1.1000. Unless break below the support level will result further downward extension.
The single currency marked a volatile session against the US dollar on Friday. But finally the opening price was close to the closing, respectively, 1.1061 and 1.1051. In the early hours bears prevailed and the pair hit the bottom for the day at 1.1002. Subsequently, however, the euro gained advantage and so the difference between the highest and lowest value was 108 pips. If expectations for further depreciation of the euro justify, we may soon expect a test of the support at 1.0970.
On the last Friday’s session the EURUSD went back and forward with a wide range but closed in the red although in the middle of the daily range and managed to close below the previous Thursday’s range, suggesting bearish momentum.
The pair continues to trade below all 3 moving averages the 10, 50 and 200 that should act as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1214 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1099 (resistance), the 200-day moving average at 1.1097 (resistance) and daily support 1.0900.
EUR/USD may have formed a double bottom above the support at 1.1030. If that is so its next target is likely around 1.1060 - 1.1070.
Eur/Usd remains in a tight range, lack of strength to advance above 1.1065/75 zone. With limited economic releases, I expect the pair would stay in the range for tomorrow.
The EURUSD is directionless, maybe waiting for new fundamentals to come in, but for now the 1.1000 may keep acting as support and the 1.1100 level as resistance.
On Monday session the single currency remained close to unchanged against the US dollar. The EUR/USD pair traded in relatively narrow range and session closed only only 4 pips up. RSI remains in neutral territory but the pair continues to move below the averages. The negative outlook prevail, as next target appers to be 1.1020.
Yesterday EURUSD went back and forward without any clear direction but managed to close in the green, near the high of the day, although closed within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair continues to trade below all 3 moving averages the 10, 50 and 200 that should act as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1203 (resistance), the 200-day moving average at 1.1100 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1090 (resistance) and daily support 1.0900.
EUR/USD is currently testing the resistance at 1.1120, which coincides with (MA)89 on the four-hour time-frame. A breakout above that level will likely lead to a further move to the upside towards target 1.1160.
EUR/USD did not make significant movement yesterday. The pair traded higher earlier this morning and hit 1.1090. Trading signals are up in nearest term but as long as price stays below 1.1200, I still prefer a bearish scenario at this phase. Immediate support is at 1.1050. A clear break below could lead the price to neutral zone testing 1.1000, which needs to be clearly pierced down to the preservation of strong bearish scenario with targets near 1.0700. On the upside, a clear break and daily close above 1.1200 would activate my expectations to see the new model as direction, possibly testing 1.1300 - 1.1400.
On Tuesday, the dollar falls against other major currencies as investors shifted attention to the forthcoming meeting of global central banks on expectations of additional stimulus measures from their side.
EUR/USD rose to 1.1098, but later lost 30 pips to 1,1069.
Even though the EURUSD has broken today above the 1.1100 level, the consolidation continues and clear trend is on the sight.
Yesterday EURUSD tried to rally but found enough resistance to give back most of its gains to the market although managed to close in the green but near the low of the day, in addition closed within the previous day range, which suggests being slightly on the bearish side of neutral.
The pair continues to trade below all 3 moving averages the 10, 50 and 200 that should act as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1198 (resistance), the 200-day moving average at 1.1102 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1086 (resistance) and daily support 1.0900.
The EUR/USD tight range continues and so far there is no indication it will end anytime soon. The pair will likely test 1.1100 again soon.
Still the pair is hanging on a flat 200-day moving average, where the strong resistance at $1.11 is actual and seems the line will not be blurred soon. Next resistance levels are located at $1.1495 and $1.1601. Looking downward, major support is seen at $1.0785 and $1.0465.
The euro recorded an increase against the dollar on Wednesday. The single currency justified the positive expectations and managed to gain positions. However, the pair still remains far from the resistance at 1.1183. If bullish sentiment continue in the future, the key level will be tested. The session started at 1.1059 and closed 29 pips higher.