Euro/dollar continued its bearish momentum yesterday, reaching the bottom at 1.1510. The outlook remains bearish for testing the June minimum at 1.1445. Intra-day resistance we have around 1.1600 - 1.1630. A clear breakthrough over it could take the price to a neutral zone, but I stay in the bears camp. And any upward pressure could be seen as a good sales opportunity. On the downside, a clear breakthrough and a daily closure below 1.1445 will give a new target for the bears in the area of 1.1300 this week.
The single currency declined against the US dollar on Tuesday. The currency pair opened at 1.1623 and ended at 1.1538. The single currency fell sharply after the political turmoil in Italy, reaching a 10-month low of 1.1509. After a successful break in support at 1.1555, we would expect the pair to test the 1.1474 level.
EUR/USD
Key levels to watch for:
Support: 1.1555; 1.1474;
Resistance: 1.1644; 1.1750;
NFPs in less than an hour, im calling for less than expected and a move north for the pair.
The initial boost from the NFP in the US dollar seems to have faded now.
The EURUSD is still trying to retrace to the upside, but the bearish trend is still in place. The pair may bounce to the downside from the 1.1800 level.
The single currency recorded a modest rise against the US dollar on Thursday. The session started at 1.1772 and finished 26 pips higher. Daily extreme values were reached at 1.1772 and 1.1839, respectively. In the short run, EUR / USD continues to trade on a positive territory, with a main target of 1.1920. Immediate support is 1.1720.
EUR/USD gave away some of its gains today, still on pace though. I’m expecting more upside next week ,probably above 1.1850.
The euro fell against the US dollar on Friday. By the close of US trading, EUR / USD was trading at 1.1770, losing 0.25%. I believe that support is now at 1.1562, Tuesday’s low, and resistance is likely at 1.1842 - Thursday’s high.
The euro / dollar attempted to rise yesterday, reaching a peak of 1.1850, but collapsed afterwards and hit 1.1562 after the ECB’s decision to stop QE in December and keep interest rates low. Technically, the price breaks below the trendline that resets the upward phase and activates my bearish model. Expectations are down for testing 1.1500 for now. The first resistance is at 1.1620 / 40. A clear breakthrough over it may take the price to a neutral zone, but while the pair remains below 1.1725 / 00, I prefer the bearish scenario in this phase. Any bullish pressure could be seen as a good sales opportunity.
The Euro suffered its worst week since a while. I think we can expect more to the downside if it breaks below 1.1550.
Next week is not full of trend-changing events. So I say, let’s trade EUR/USD in range.
It seems the Euro strengthened, I’m looking forward to a possible 1.20 target next month.
The single currency registered a neutral session against the US dollar on Wednesday. The currency pair added only 1 pip at a closing price of 1.1655. Daytime extreme values were reached at 1.1681 and 1.1630 respectively. Technically, the bulls remain in a leading position, and a possible correction should re-establish their interest.
EUR / USD
Key levels to watch for:
Support: 1.1560; 1.1380;
Resistance: 1.1720; 1.1920;
Positive US data impacted the US dollar in a negative way. 213K jobs created, EUR/USD up significantly.
The EURUSD keeps retacing to the upside, but it may run into resistance at the 55 day EMA on the 1.1760 zone. The 200 day EMA may also act as a resistance along with the 1.1900 round number level. To the downside, the 1.1500 zone may act as support.
Euro / dollar had momentum down yesterday, making the bottom at 1.1665. The signals are bearish so far, with targets in the area of 1.1600. The first resistance is at 1.1700. A clear break above this level can take the price to a neutral zone with a test of 1.1750 / 65. Downwards, a clear breakthrough and daily closure below 1.1600 will clear the way down to rethink key support 1.1508 / 00.
The euro / dollar did not make a substantial move yesterday. Overall, the price still holds the downside, but stays in range between 1.1695 and 1.1650. Although the technical goal of the H & S formation has been reached, I still prefer the bearish scenario. And I expect a clear break below 1.1650 to resume the bearish sentiment with the nearest 1.1600 target. On the upside, a clear break back above 1.1695 should become a serious threat to the bearish scenario for testing at 1.1725 / 50. On the downside, a clear break and a daily / weekly close below 1.1600 will take the price to re-testing key support 1.1508 / 00 next week.
The single currency recorded a slight decline against the US dollar on Thursday. The currency pair opened at 1.1672 and ended at 1.1669. The euro remained in the range throughout the day, not finding a single direction. After breaking the support at 1.1679, we would expect the price to test the 1.1630 level.