As expected, traders simply sat on the sidelines ahead of the NFP. When the report came out better than expected, the pair burst into life and broke out to the downside. It found support just above the 1.2800 level, and consolidated again for the rest of the day.
EUR/USD was quiet up until the news that S&P has decided to downgrade Italy’s credit rating to just two notches below junk. This caused a massive sell of and resulted in the break of 1.2800 and a new low.
The euro finished the day higher in anticipation and following the dovish FOMC meeting minutes. According to the report, policymakers are divided on when the Fed should taper off asset purchases.
EUR/USD rallied furiously early on as traders adjusted to the very dovish FOMC statement. After that, the pair found significant resistance at 1.3200 before giving up some ground and consolidating for the rest of the day.
Great thread, will follow regularly, Thank You.
The euro pared some of its gains from the dollar due to the lack of reports from both the U.S. and euro zone.
EUR/USD traded sideways for the day due to the lack of economic data. It fell to the PDL and then rose sharply when the U.S. retail sales report came out.
EUR/USD rose to tap the previous day high after US reports printed below forecasts. But its rally was short-lived, as price soon tumbled to the 1.3100 handle after Ben Bernanke delivered his speech.
Bernanke did not provide any certainty to the markets, the trading range of EurUsd is going to continue…
The spread between Tnote and Bund has exceeded 100 basis points, historically a good news for the dollar.
It was a ranging Friday for EUR/USD! Playing the bounces off the top and bottom of the range could have nabbed you between 40-pips at a time!
Short oscillators are always closer to the overbought. I think there are not so many chances for a rise of EurUsd and meanwhile the hedge funds have returned net short of Eur.
It looks like a little bit of risk appetite allowed the euro to power through the charts in yesterday’s trading
Dead day yesterday due to the lack of economic data. EUR/USD pretty much moved choppily sideways. Not much to say!
EUR/USD rallied following the positive PMI reports but soon gave up its gains during the New York sesh!
I think that at this point there will be no big movements until July 31st (FOMC) and August 1st (ECB).
