as I said yesterday the non-farm payroll is going to crush the euro
EUR / USD rose on Thursday after the ECB President Mr. Draghi have said that the Bank will wait until the next quarter to assess the possible need for additional stimulus measures.
However, the increase in the stopped 1.2455. With the rate below the falling trend line, the short-term picture remains negative and we can only expect to see a downward trend for the EUR / USD.
R3 - 1.24840
R2 - 1.24384
R1 - 1.23619
Daily Std. Pivot - 1.23163
S1 - 1.22398
S2 - 1.21942
S3 - 1.21177
And you are right, it seems we have the technicals and fundamentals on our side (the bearish side), 1.22 might be hit before the year end.
The EURUSD breaks below the 1.2300 level, lets see if there is continuation to the downside next week.
Iām just wondering if there is another correction movement back to 1.25 before hitting 1.22?
There may well beā¦ For all we know, hitting the historic floor at 1.22-1.23 is insignificant (unless you trade that distance and get out): with the liquidity drain at the end of the year, it is not unreasonable to expect price to reach that level but lack the conviction to go beyond it, or to reverse the trendā¦ I would not get in now for a trend-trade, unless I were to trade the last few pips of this trend for short-term gains.
I would say to wait until Jan.2015 for confirmation of price movement either sustaining a 1.23-1.22 break or bouncing off it to correct significantly or even reverse.
1.2287 price level will probably be decisive towards the end of 2014 to become the foundation of which can reach 1.2041, or otherwise, become the foundation for a corrective rebound upside.
Market talks after the London session closed last weekend calls a short-term position of the buyers in the range of 1.2285 / 75 with stops below 1.2260 to reverse the target 1.2330 / 40. Position pending orders (sell limit) short-term sellers are valid until Monday (December 8) are in the area mentioned 1.2330 / 45 with stops in the range of 1.2355 level to target the 1.2240 / 30.
EURUSD fell hard during the session on Friday, as the nonfarm payroll number came out much stronger than anticipated. The pair made fresh lows, as the market close to just below the 1.23 handle. The pair should continue to move first towards the mid 1.21 yet eyeing 1.20 as the main bearish target.
Hello traders!
Always important at this point is to try not becoming too biased one way or anotherā¦
It would be easy to assume that this bear trend could continue on forever! It may, but it may also notā¦
Avoid trading so late in the gameā¦ This is nearly a 1,800-pip old trend!
Indeed, after the non-farm payrolls the EUR/USD pair broke below the support at 1.2300 and continues its descent today. The pair has almost reached target 1.2200 and will likely continue falling after that.
EUR / USD fell as a result of German industrial production has disappointed investors, rising only 0.2% compared to October, a slower pace than the 1.1% of September.
The help was yet to fall in sovereign debt credit rating of Italy to just one level above speculative grade.
A test of the EUR / USD below 1.2250 could lead to the minimum of 2 August 2012 in 1.2130.
R3 - 1.24840
R2 - 1.24384
R1 - 1.23619
Daily Std. Pivot - 1.23163
S1 - 1.22398
S2 - 1.21942
S3 - 1.21177
In this situation the best way for me is to stay away from the market with all the noise today.
Well said, PipMeHappy, I will keep that in mind. :35:
Probably the best on the ranging day.
Small pullback really on the EURUSD, because the downtrend stays intact.
EURUSD continues in a bearish phase on the longer timeframe charts despite the recent bullish rally back above 1.23. The pair is due for a bullish correction after months of tumbling, so remain technically bearish below 1.2450 and continue to look to sell beneath that level.
I wasnāt expecting such a bounce to the upside, EUR/USD certainly surprised me. That said, the pair has reached a pretty strong resistance at 1.2440, the question is what will follow next.
Yesterday the EUR / USD recovered after finding the level of 1.2250, ie the determined support area for a minimum of 10 August 2012.
The RSI was up after finding support near the 30 line, while the MACD, although negative, remains above its signal line and is pointing up. In addition, I see positive divergence between the two oscillators and the price action.
On the daily chart, the price shows minimum and maximum decreasing and below the moving averages 50 and 200 days.
R3 - 1.26051
R2 - 1.25263
R1 - 1.24493
Daily Std. Pivot - 1.23705
S1 - 1.22935
S2 - 1.22147
S3 - 1.21377
The correction movement might go deep, but long-term still bearish.
EURUSD rallied on yesterday session but struggle to keep up the bullish momentum just below 1.2450 keeping the resistance intact, so near term outlook stays bearish. The pair might make another run to the 1.2450 level giving us another opportunity to go short.