|Day's range||1.234 - 1.235|
|52-week range||1.0687 - 1.2558|
The U.S. dollar gained ground against its rivals Thursday as the 10-year Treasury yield edged higher, flirting with the psychologically important 3% mark. The ICE U.S. Dollar Index (IFUS:DX-Y.NYB), which measures the greenback against six developed market currencies, climbed 0.3% to 89.889.
The EUR/USD slipped lower sliding down to support near the 10-day moving average at 1.2345. The currency pair continue to chop around directionless. U.S. yields backed up today, despite a weaker than expected jobless claims report and soft Philly Fed Manufacturing. The EUR/USD is range bound and has been trading sideways for most of 2018. The exchange rate bounced from support and is sandwiched between resistance at a downward sloping trend line at 1.2415. Support level the 10-day moving average is seen near an upward sloping trend line that comes in near 1.2234. The fast stochastic generated a crossover sell signal in overbought territory which reflects accelerating negative momentum.
Based on the early trade, the direction of the EUR/USD the rest of the day is likely to be determined by trader reaction to the main 50% level at 1.2354.
The pair was extremely choppy during the Wednesday’s session initially rallied towards the 1.2380 level but pulled back later in the day to test the 1.2350 level. This level has been both resistance and support level for the pair and may attract buyers. If it breaks below then it should fall towards the 1.21 level which is its next major support level. …Read MoreGBP/USD
The EUR/USD pair has pulled back slightly during the trading session on Wednesday, testing the 1.2350 level, and an area that has been massively resistive in the past. I think this shows that we are ready to continue going higher, perhaps reaching towards the vital 1.25 level above.
The EUR/USD moved higher but remains range bound as lower than expected inflation failed to buoy the greenback. German unfilled orders continue to rise which shows that growth in the EU’s largest economy is strong despite subdued inflation.UK inflation was unexpectedly softer than expected. Eurozone March HICP inflation revised down to 1.3% year over year from 1.4% year over year reported initially. This follows the downward revision to Italian numbers yesterday and still saw the headline rate reversing the dip to 1.1% year over year in February and moving back to the level seen at the start of the year.
Iran is ditching the U.S. dollar in favor of the euro as its official reporting currency for foreign amounts, according to state broadcaster IRIB. Political relations between the U.S. and Iran have been ...
“On a trade-weighted basis, sterling is heading in the right direction, but there is still some way to go to recover the drop since Brexit,” he said. The U.K.’s biggest trading partner by far is the European Union, the bloc that the country is planning to leave after the Brexit referendum on June 23, 2016.
The U.S. dollar mostly gained on its main rivals Wednesday, getting a lift from a tumble for the British pound after disappointing U.K. inflation data. Traders are due to get a couple of Federal Reserve speeches and the central bank’s Beige Book report later in the day. The ICE U.S. Dollar Index (IFUS:DX-Y.NYB)rose to 89.663, up from 89.497 late Tuesday in New York.
The pair failed to rally above 1.24 level during the Tuesday’s session as it got too resistive to cross over and dropped towards the 1.2350 level. If the market breaks further then the uptrend line underneath will act as a major support line. The British Pound initially rallied during the Tuesday’s session but the area found to be too resistive to go higher and fall back reaching the 1.43 level.
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Brace for a dovish message at next week’s European Central Bank meeting, cautioned HSBC economists, who pointed at recent disappointing data and broader risks that could keep the central bank on its toes....
The EUR/USD pair fell midday in Europe on Tuesday as we reached towards the 1.2350 level. That’s an area that is of course important, not only because we have seen this area offer support in the past, but it is also an area where we have seen resistance.
The U.S. dollar registers a small rebound against its rivals, helped by disappointing data out of Europe and a lack of fresh geopolitical headlines.
The EUR/USD moved higher on Tuesday testing resistance but failing to advance. A softer than expected German ZEW investor sentiment report weighed on the currency pair. Italian inflation was also revised lower, which could provide some time for the ECB before they begin to normalize interest rates. The EUR/USD moved edged lower, closing below the open, after testing resistance near a downward sloping trend line that comes in near 1.2425.
Considering the EURUSD’s latest U-turn from two-month old descending trend-line, coupled with overbought RSI, the pair is more likely to revisit the immediate TL support, around 1.2340, breaking which 1.2300 and the 1.2260 can come alive on the chart. Should prices reverse from present levels and surpass the 1.2415 trend-line resistance, the 1.2445-50 horizontal-region could try limiting its recovery, if not, then 1.2470 and the 1.2500 round-figure might become buyers’ favorite.
Based on the early price action, the direction of the market today is likely to be determined by trader reaction to the Fibonacci level at 1.2401 and the 50% level at 1.2354.
As such, manufacturing production in the Eurozone fell by 0.8% MoM in February, with -0.6% in January. YoY, manufacturing production also fell in Feb, by 2.9%, with -3.7% in Jan, and came short of expectations, too. Last week, the ECB meeting report came in, too, saying there are risks for the Eurozone in connection with trade war escalation and expensive euro.
The 1.2350 level underneath is a strong support level and short-term pullbacks should be a very good buying opportunity. The AUD has been choppy during the trading session on Monday but looks likely that it will continue to move higher. The 0.78 level is the initial resistance which the market has to get past it and if it clears then the market will move much higher towards the 0.79 and 0.80 level.
The EUR/USD pair has rallied significantly during the trading session on Monday, breaking towards the 1.24 level as I record this video. I believe that the market will eventually break above there, and it now looks like the 1.2350 level should offer support.
The U.S. dollar starts the week in a defensive posture versus major rivals, as traders appeared to perceive U.S.-led airstrikes on Syria over the weekend as an isolated event.
A softer than expected U.S. Empire Manufacturing report in tandem with a weaker than expected retail sales ex-auto report weighed on the greenback providing a floor for the EUR/USD currency pair. The EUR/USD rebounded from support on the heels of the weaker than expected retail sales number. The currency pair bounced off short-term support near the 10-day moving average at 1.2318. Additional support is seen near an upward sloping trend line that comes in near 1.2225. Resistance is seen near a downward sloping trend line that comes in near 1.2430.
The 1.23 level underneath is a strong support level, just like the general uptrend line below. Once it clears the 1.24 resistance barrier, the market will most certainly move towards the 1.25 level and above.