EURUSD Analaysis

[ZforexCM]

EURUSD

The EURUSD is increasing after less hawkish FED minutes. The pair was last seen at 1.0435 level. Also, the better-than-expected PMI readings for November led the pair make rally above 200 DMA, 1.0400 level. The manufacturing PMI came at 47.3 (previously 46.40) and services PMI at 48.6 (previously 48.6). Furthermore, ECB officials continue to speak hawkish by saying a 75bps rate hike for the next meeting.

Technically, the momentum is positive because DXY softens blelow 106.00 level. For the first resistance, 1.0480 should be followed. Further bearish extension is likely to be slower since the daily stochastics is near overbought condition. Any pullback could meet support at 1.0400 (200DMA). The next support is seen at 1.0295. We look for consolidation between 1.00 – 1.05

Support: 1.0400 – 1.0295 – 1.0220

Resistance: 1.0480 – 1.0560 – 1.0615

[ZforexCM]

EURUSD

Euro continues to rise with the FED minutes showing the dovish stance of the FED. The pair was last seen at 1.0420 level. It is trying to stay above the 200-day average. Minutes of the October meeting, released yesterday, showed that committee members feared inflation would set in. Despite the increased probability of 50-bps at the December meeting, the market is surprisingly considering a 75-bps rate hike.

Technically, the momentum is positive because DXY softens below 106.00 level. For the first resistance, 1.0480 should be followed. Further bearish extension is likely to be slower since the daily stochastics is overbought condition. Any pullback could meet support at 1.0395 (200DMA). The next support is seen at 1.0350. We look for consolidation between 1.00 – 1.05

Support: 1.0395 – 1.0350 – 1.0295

Resistance: 1.0480 – 1.0560 – 1.0615

[ZforexCM]

EURUSD

EURUSD is trading around 1.0360 level. Risk-off mood remain in the forefront because the protests against lockdown in China is expanding. Also, Eurozone inflation data will also be in the spotlight. In October the data came at %10.60, but the European Central Bank (ECB)’s inflation target at %2.00. Still in Eurozone inflation pressure continue. Thus, ECB raised the rates 200bps since July to %1.50. For the next meeting (December 15), the market players expect at least 50bps rate hike, but some believe that ECB will raise 75bps hike.

Technically, below 1.0390 level, the momentum is negative. Support remains around 1.0295. Any pullback could meet support at 1.0220. The daily stochastics is turning lower overbought condition. On the upside, 1.0390 (200DMA) should be followed. Further bullish extension is likely to be slower since the risk sentiment is negative today. We look for consolidation between 1.00 – 1.05

Support: 1.0295 – 1.0220 – 1.0160

Resistance: 1.0390 – 1.0450 – 1.0480

[ZforexCM]

EURUSD

EURUSD is trading around 1.0385 level. Risk-off mood remain firm because of the widespread of Covid protest in China. Despite the fact that the investors’ concerns that FED will be soon time to slow the pace of interest rate hikes, FED official continue to speak hawkish. Thus, we see the demand for the Dollar in the market. Besides, this week’s economic calendar contains very important data. In particular, the inflation rate of the eurozone will be announced tomorrow. In October the data came at %10.60, but the European Central Bank (ECB)’s inflation target at %2.00.

Technically, below 1.0380 level, the momentum is negative. Support remains around 1.0220. Any pullback could meet support at 1.0220. The daily RSI is trading very close to overbought condition. On the upside, 1.0380 (200DMA) should be followed. Further bullish extension is likely to be slower since the risk sentiment is still negative. We look for consolidation between 1.0100 – 1.0560

Support: 1.0330 – 1.0220 – 1.0130

Resistance: 1.0465 – 1.0500 – 1.0560

[ZforexCM]

EURUSD

The EURUSD is trading around 1.0355 level. Still, the sentiment remains supportive of the Euro in that the European Central Bank remains committed to raising interest rates to combat high inflation. However, the investors feel uneasy about the geopolitics risk and raising COVID19 infections in China. Also, the investors now turn their attention to Powell’s appearance at the Brookings Institution for more guidance.

Technically, below 1.0375 level, the momentum is negative. Support remains around 1.0220. Any pullback could meet support at 1.0130. The daily stochastic is very close to oversold condition. On the upside, 1.0375 (200DMA) should be followed. Further bullish extension is likely to be slower since the risk sentiment is still mixed. We look for consolidation between 1.0100 – 1.0560

Support: 1.0320 – 1.0220 – 1.0130

Resistance: 1.0425 – 1.0510 – 1.0560

[ZforexCM]

EURUSD

The EURUSD is trading around 1.05250 level. The DXY decreased sharply after the s US PCE core deflator softened for October. In other words, The DXY broke under the 105 level (200DMA). The focus will be on another Lagarde’s speech today. Overnight-Index -Swap (OIS) indicate a 50bps hike expected from ECB in December. Hawkish ECB, potential for markets to focus on FED downshift into December as well as China’s re-opening might have skewed risks to the upside for the EURUSD. In short, the sentiment remains supportive of the Euro.

Technically, the pair is approaching 1.0615 (2022 the late June peak), before that level the first resistance could be 1.0560. Further bullish extension is likely to be faster since the risk sentiment is positive today. Following that, 1.0770 will be in focus. On the downside, the support remains around 1.0500. Any pullback could meet support at 1.0440.

Support: 1.0500 – 1.0440 – 1.0385

Resistance: 1.0560 – 1.0615 – 1.0770

[ZforexCM]

EURUSD

EURUSD is trading around 1.0575 level. Risk-on mood remain firm because of that the DXY is decreasing dramatically. In addition, bets smaller FED rate hikes continue to remain supportive for the pair. On the other hand, the European Central Bank (ECB)’s inflation target at %2.00. Yet, inflation pressure continues in Eurozone. Thus, ECB raised the rates 200bps since July to %1.50. Also, more hawkish ECB gives way to the pair to be supportive.

Technically, below 1.0500 level, the momentum is negative. Support remains around 1.0430. Any pullback could meet support at 1.0365 (200DMA). The daily RSI is trading parallel to overbought condition level. On the upside, 1.0615 should be followed. Further bullish extension is likely to be faster since the risk sentiment is still positive.

Support: 1.0520 – 1.0430 – 1.0365

Resistance: 1.0615 – 1.0710 – 1.0770

[ZforexCM]

EURUSD

The DXY is increasing after bullish US Service data. Thus, the pair is slipping down and trading around 1.0485 today. Yesterday, the major currency pair rallied to the highest levels since 28th June before reversing from 1.0594. Still, risk-on mood remains firm, but hawkish FED expectations is again on the agenda. On the contrary, more hawkish ECB gives way to remain supportive.

Technically, below 1.0520 level, the momentum is negative. Support remains around 1.0430. Any pullback could meet support at 1.0360/50 region (200DMA). The daily RSI is trading parallel to overbought condition level. On the upside, 1.0595 should be followed. Further bullish extension is likely to be slower since the risk sentiment is still mixed today.

Support: 1.0480 – 1.0430 – 1.0360/50

Resistance: 1.0520 – 1.0595 – 1.0665

[ZforexCM]

EURUSD

The pair was fluctuating near the psychological level (1.0500) and hovering around 1.0520 levels. It was supported by strong growth data from the Euro region and limited its decline. Today, pair traders will follow Lagarde’s speeches. With the upcoming hawkish statements, the parity may continue to rise, but this needs to be reinforced by the dovish stance from the FED.

Technically, below 1.0540 level, the momentum is negative. Support remains around 1.0450. Any pullback could meet support at 1.0360/50 region (200DMA). The daily RSI is below overbought condition level. On the upside, 1.0560 should be followed. Further bullish extension is likely to be slower since the risk sentiment is still mixed today.

Support: 1.0450 – 1.0390 – 1.0360/50

Resistance: 1.0540 – 1.0560 – 1.0610

[ZforexCM]

EURUSD

The pair is moving around 1.0500 (psychological level) again and was last seen 1.0515 levels. The US Consumer Price Index, which will be announced tomorrow, is putting pressure on the pair. A 50 bps increase from the ECB is considered certain, but there is some uncertainty on the FED side. With the high inflation data to be announced tomorrow, the Euro may decline slightly against the dollar.

Technically, below 1.0540 level, the momentum is negative. Support remains around 1.0490. Any pullback could meet support at 1.0360/50 region (200DMA). The daily RSI is nearly overbought condition level. On the upside, 1.0595 should be followed. Further bullish extension is likely to be slower since the risk sentiment is mixed.

Support: 1.0490 – 1.0440 – 1.0355

Resistance: 1.0595 – 1.0630 – 1.0745

[ZforexCM]

EURUSD

The pair hold above the 1.0600 and struggle to test 1.0700 level. Due to FED’s hawkish stance DXY strenghten but was limited on the pair’s falling. Today, traders are waiting hawkish stance from ECB like as FED. FED’s members foresee that interest rate will reach to %5.10 level. Thus, 75 bps rising from FED was guaranteed. There is a rising energy crisis in the Eurozone due to the war with Russia and Ukraine. The market expectation is for the ECB to increase the interest rate by 50 basis points to %2.5 in order to reach the target inflation despite the recession fears.

On daily chart, the pair is repeated failures to cross the %61.8 Fibonacci retracement level between 1.1495 (February high) and 0.9535 (September 28) around 1.0740. Technically, above 1.0460 (21DMA), the momentum will be positive. Yet, the Daily RSI is hovering around overbought condition. Support is seen at 1.0620, then 1.0555. Resistance 1.0695. If the break comes, the pair continue to rise till towards 1.0740/60 region.

Support: 1.0620 – 1.0555 – 1.0460

Resistance: 1.0695 – 1.0740/60 – 1.0830

[ZforexCM]

EURUSD

The pair hold above the 1.0600 and is currently 1.0631 level. It tested 1.0740 level after the central banks interest rate decisions. However, the pair could not see that level again. Due to President Lagarde speech the pair holds strength against dollar. Lagarde said that they can raise interest rates by 50 bps in the next meetings. Last week’s Eurozone Manufacturing PMI from S&P Global data came in much higher than expected, and it may have an impact on the US GDP and PCE price index the pair prices that will be announced this week.

On daily chart, the pair is consolidating in a wider range 1.0590 – 1.0740. Technically, above 1.0475 (21DMA), the momentum will be positive. Also, the daily RSI is returning from overbought condition. Support is seen at 1.0590, then 1.0545. Resistance 1.0735/40 region. If the break comes, the pair continue to rise till towards 1.0830 level.

Support: 1.0590 – 1.0545 – 1.0495

Resistance: 1.0735 – 1.0830 – 1.0940

[ZforexCM]

EURUSD

The pair fell below 1.0600 level and is currently 1.0615. Risk aversion mood is on again due to BoJ hawkish decision. The pair tested 1.0740 level after the central banks interest rate decisions. However, the pair could not see that level again. Lagarde said that they can raise interest rates by 50 bps in the next meetings. Yesterday, the German IFO Business Climate Index rose more-than-expectation and German PPI will be followed closely today. Also, US GDP and PCE Price Index which will be announced this week may have an impact on the pair prices.

A daily low is near 1.0575 (yesterday’s low). Still, the pair is consolidating in a narrow range 1.0575 – 1.0660. Technically, above 1.0490 (21DMA), the momentum will be positive. Also, the daily RSI is returning from overbought condition. Support is seen at 1.0575 (yesterday’s low), then 1.04905. Resistance 1.0660 region. If the break comes, the pair continue to rise till towards 1.0735 level.

Support: 1.0575 – 1.0490 – 1.0440
Resistance: 1.0660 – 1.0735 – 1.0830

[ZforexCM]

EURUSD

The pair is hovering around 1.0610. DXY continues falling due to BoJ hawkish decision. However the pair’s rising limited and did not exceed 1.0650 level yesterday. The positive news about inflation continues to come from the European Region, but traders are focused on the US PCE Price Index, which will be released on Friday. The pair tested 1.0740 level after the central banks interest rate decisions. However, the pair could not see that level again.

A daily low is near 1.0578 (yesterday’s low). Still, the pair is consolidating in a narrow range 1.0575 – 1.0660. Technically, above 1.0515 (21DMA), the momentum will be positive. Also, the daily RSI is nearly overbought condition. Support is seen at 1.0575 (yesterday’s low), then 1.0490. Resistance 1.0660 region. If the break comes, the pair continue to rise till towards 1.0735 level.

Support: 1.0575 – 1.0490 – 1.0440

Resistance: 1.0660 – 1.0735 – 1.0830

[ZforexCM]

EURUSD

The pair is trying to hold above 1.0650 again. DXY continues falling due to inreasing risk appetite. Yesterday, US Consumer Confidence data released which show to reduce of recession fears. Growth datas from UK and US could be decisive on risk appetite and the pair’s prices today. The positive news about inflation continues to come from the European Region, but traders are also focused on the US PCE Price Index, which will be released on Friday. The pair tested 1.0740 level after the central banks interest rate decisions. However, the pair could not see that level again.

The EURUSD pair is bouncing from 1.0600 level and touching up an intraday high around 1.0650. If the break comes, the pair continue to rise till towards 1.0735 level which is the monthly high marked in the last week. Technically, above 1.0515 (21DMA), the momentum will be positive. Also, the daily RSI is returning from overbought condition. Support is seen at 1.0590/1.0600 region, then 1.0515. Resistance 1.0660 region. A break there opens the way towards 1.0735 level.

Support: 1.0590 – 1.0515 – 1.0455

Resistance: 1.0660 – 1.0735 – 1.0830

[ZforexCM]

EURUSD

There is market skepticism about the likelihood of a hawkish stance. The Dollar Index, which is sensitive to expectations for US interest rates, has not shown much movement and has remained within a narrow range for the day. This has resulted in choppy trading and a lack of progress for several major currency pairs. One notable example is the EURUSD pair, which was unable to sustain momentum after breaking through a support level at 1.0580, indicating a lack of focus on fundamental factors.

Technically, 1.0600 (21-DMA) level is crucial to hold price to not fall more. It may move to 1.0695/0710 region, if the 1.0595 support level works. The histogram of the MACD oscillator keeps staying in the positive area. But the moving average curve is falling.

Support: 1.0595 – 1.0580 – 1.0515

Resistance: 1.0650 – 1.0695 – 1.0745

[ZforexCM]

EURUSD

The dollar index (DXY) gained strength on the back of strong jobs data in the US. This situation reflected negatively on the EURUSD parity. The CPI data, which will be announced on the European side today, will determine the direction of the Euro. Volatility may increase.

Technically, the 1.0600 (21-DMA) level is broken and downward pressure is increased. Now, It’s right above the 0.5 Fibonacci Retracement (1.0513). If it breaks, the support is at 1.0470. On the more downside, the support is at 1.0390 (50-DMA). The histogram of the MACD oscillator keeps staying in the positive area. But the moving average curve is falling.

Support: 1.0470 – 1.0440 – 1.0390

Resistance: 1.0540 – 1.0625 – 1.0690

[ZforexCM]

EURUSD

Following the release of data showing slower growth in average hourly wages in the US on Friday, the Dollar Index declined as investors anticipated an improvement in US inflation data. The positive response to quarantine-free travel in China also contributed to a day of trading with a positive risk appetite.

Technically, 1.0710 is the nearest resistance. 1.0735 level may be aimed if the upward movement continues. On the downside, the 1.0605 level is as seen support. If it breaks downward, the next support level is at 1.0540.

Support: 1.0650 – 1.0605 – 1.0540

Resistance: 1.0710 – 1.0735 – 1.0790

[ZforexCM]

EURUSD

The Euro has risen to $1.0750s in the second week of January, returning to its seven-month high due to a weaker dollar. The falling gas prices in Europe are contributing to positive sentiment about the euro, and the unemployment rate for November came in at 6.50%. However, it is important to keep an eye on issues such as inflation and the ongoing situation between Russia and Ukraine, as they can have an impact on decisions made by the European Central Bank.

Technically, The 1.1495 - 0.9535 Fibonacci 61.8% retracement level is an important technical level for a currency pair. If this level goes beyond, it could indicate a potential continuation of a current trend. In the case of the euro, if it exceeds this level, it could potentially move towards the 1.0910/15 region. However, it is also important to note other factors such as economic data and geopolitical events that could also influence the currency’s movement. On the downside, the 1.0710 level is as seen support. If it breaks downward, the strong support level is at 1.0590.

Support: 1.0710 – 1.0660 – 1.0590

Resistance: 1.0790 – 1.0825 – 1.0910

[ZforexCM]

EURUSD

The pair increased to 1.0748 level in the second week of January, returning to its seven-month high due to a weaker dollar. In Europe, the inflation rate has dropped more than anticipated, and reached a four-month low across the Eurozone. However, if we exclude energy prices, inflation is still very high.

Technically, 61.8% Fibonacci retracement level is an important technical level for the Euro. If this level goes beyond, it could indicate a potential continuation of a current trend. If it exceeds this level, it could potentially move towards the 1.0910/15 region which also coincides with the ceiling of the ascending channel. On the downside, the 1.0710 level is as seen support. If it breaks downward, the strong support level is at 1.0630 (21-DMA).

Support: 1.0710 – 1.0630 – 1.0590

Resistance: 1.0790 – 1.0825 – 1.0910