No break out yesterday, the pair back to its range between 1.1100 to 1.1220. I guess any break out we need to wait for today’s NFP report.
Yesterday EURUSD initially rose but found enough selling pressure after Draghi speech to turn south, giving all it gains back to the market and closed near the low of the day, however managed to close within the previous day range, which suggests being slightly on the bearish side of neutral.
The pair is trading below the 50-day moving average that are acting as dynamic resistance although it is trading above the 10 and 200-day moving average both are acting as a dynamic support.
The key levels to watch are: The 50-day moving average at 13.04 (resistance), a daily resistance at 1.1237, the 10-day moving average at 1.1153 (support), a daily support at 1.1097 and the 200-day moving average at 1.1068 (Support).
The US change in Non-farm Payrolls today certainly had a great effect on EUR/USD, making the pair jump with over 170 pips. The move to the upside will likely continue at least until the end of the day and next target is probably at least 1.1350.
Weak statistics on employment for April (Nonfarm Payrolls) encourages traders to postpone the expectations of another Fed rate increase. The Labor Department said that in May, the US non-farm sector, was created only 38K. New jobs were much less than the expected 164K. This is the worst value since September 2010. In result, EUR/USD rose with nearly 200 pips.
CIBC: It is expected EUR/USD to fall to 1.09 in September.
The euro rose against the dollar on Friday. EUR/USD closed the week at 1.1366, gaining 1.91%. The support is now located at the level of 1.1096, Monday’s low, and resistance is likely to make the level of 1.1374 - a maximum of Friday’s trading session.
On Friday the euro marked its strongest session against the dollar for nearly six months, after the data from the US labor market disappointed markets. The euro rose more than 200 pips to a closing price of 1.1355 and thereby reported first positive week for the last five. Dispelling expectations of raising interest rates by the Fed in June continues to support the single currency. Technically the bulls are favored and immediate support is located at 1.1330.
The EURUSD rallies after the NFP numbers, but it may try to retrace to the 1.1300 level.
On the last Friday’s session the non-farm payrolls made the EURUSD rally with a wide range and closed near the high of the day, in addition managed to close above the previous Thursdays high, suggesting a strong bullish momentum.
The pair is trading above the 200-day moving average and closed above the 10 and 50-day moving averages; all should now act as dynamic supports.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1460, the 50-day moving average at 1.1303 (support) and a daily support at 1.1237.
EUR/USD is consolidating after the big move to the upside last Friday. The pair is testing the resistance at 1.1370 and it may be forming a double top there, but it’s too early to tell.
More indecision on the EURUSD, it lost its bullish momentum, now it may go any where, but the 1.1400 keeps acting as resistance.
so are you suggesting to go short on EU, right now is trading sideways trying to make up its mined.
Following Yellen’s speech US dollar remained stuck around 3-week low. EUR/USD fell 0.08% and was trading lower. The intraday low was reached at 1.325.
Consolidation with no clear direction today, and upside limited to 1.1400 level.
This could have been written any time in the last seventeen months!
How much money is actually being made trading this pair, by anyone?
Yesterday the euro remained unchanged against the dollar at a level of 1.1352. The pair failed to overcome the psychological resistance at 1.1400, while the euro found support at 1.1326. Technically the bulls will dominate. Support is located at 1.330 and resistance at 1.1465.
Yesterday EURUSD went back and forward without any clear direction but still closed in the red, in the middle of the daily range, in addition managed to close within the previous day range, which suggests clearly neutral market, neither side is showing control.
The pair is trading above the 10, 50 and 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1460, the 50-day moving average at 1.1302 (support) and a daily support at 1.1237.
The dollar slowed its decline after the statement of Janet Yellen. Fed chairman said that currently central bank policy is appropriate, but over time interest rates will rise. Yellen also said that it expects inflation to move towards the 2% target over the next few years. For NFP last week, Fed Chairman said that they were “disappointing”.
EUR/USD was indecisive yesterday. Commercial bias remains bullish in nearest term for testing 1.1470. Support for the day remains 1.1285. A clear break and daily close below this level could become a threat to the bullish scenario re-testing the lower line of the bullish channel, but I still prefer a bullish scenario at this stage.