|Day's range||1.144 - 1.154|
|52-week range||1.1302 - 1.2558|
The Euro fell over the last several days, but Friday looks like it is offering a glimmer of hope. Perhaps the pair is starting to find a bottom near the 1.1450 handle.
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the main bottom at 1.1432. Holding above 1.1432 will indicate the presence of counter-trend buyers. If this can generate enough upside momentum then look for a rally into the resistance cluster at 1.1498 to 1.1502.
The Euro fell below the 1.15 level during the session on Thursday, as we continue to test this general area of the chart, as there seems to be a lot of support extending down to the 1.1450 level. It is because of this that it looks like we are trying to build up the confidence to finally go higher.
China sees its slowest growth since 2009 to rile the markets in the wake of a Thursday sell-off that came off the back of positive stats out of the U.S.
The Euro is flatlining in early Thursday trading after a rough and tumble post-FOMC Wednesday. Wednesday was dollar’s day, with the American currency strengthening against all of its major rivals since London trading hours.
The Euro fell a bit during the trading session on Wednesday, reaching towards the support level underneath to the 1.1525 level. This is an area that continues to be interesting, and I think it’s only a matter time before the buyers come back. I believe that this is a “zone of support” extending down to the 1.15 level underneath.
It’s all eyes on the Pound, with Brexit news and UK retail sales figures to provide direction through the day. Any progress on Brexit to be the key driver.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to an uptrending Gann angle at 1.1552 and the 50% level at 1.1559. Basically, look for a downside bias on a sustained move under 1.1552. An upside bias is likely to develop on a sustained move over 1.1559.
The market could witness significant buying interest around the 1.31 and 1.30 level, all which are strong support points. The 0.71 and 0.70 levels underneath are the strong support points and the market is likely to hold on the levels. The pair retraced from the 61.8% of the Fibonacci level at 111.50 level, an area which has been important in the past.
The Euro has been rather choppy during the Tuesday trading session, hanging about the 1.16 level, or just below it. At this point, I think that perhaps the market needs to pull back a little bit to find some value.
While we can expect some focus on the FOMC minutes, it’s all about the GBP and the EUR today, the EU Summit putting Brexit and Italy in focus.
Given the two inside moves, trading between Friday’s high at 1.1612 and low at 1.1535 will continue to signal investor indecision and impending volatility.
Even after recovering from 1.1430-25 support-zone, the EURUSD has to surpass 100-day SMA level of 1.1630 in order to justify its strength in targeting the seven-month long descending resistance-line, around 1.1730. Should prices rally beyond 1.1730 on a daily closing basis, the 1.1810 & 1.1850 are likely intermediate halts that can be availed prior to aiming the 1.1920 level, comprising 200-day SMA. In case the pair witness downside pressure, the 1.1520, the 1.1500 and the 1.1430 may entertain short-term sellers before again highlighting the importance of 1.1430-25 area. ...
The initially gapped lower during the Monday’s session in a bit of risk-off move, but then started to rally higher as American came on board. The 1.16 level is continuing to offer a bit of resistance to the pair and if it breaks higher then it next major stop for the market will be at 1.17 level. The market is still in the consolidation phase and 1.15 level underneath will be the strong support point for the pair. Buying on dips will be the right strategy for this market. …Read MoreGBP/USD
The EUR’s repeated failure to climb 1.16 is a slight cause for concern for the EUR bulls.
The Euro initially gapped lower slightly during the kickoff on Monday but turned around to fill the gap and reach towards 1.16 level by the time the Americans took control.
Risk appetite trickles back into the markets early on supporting the commodity currencies, while the Kiwi gets a boost from Q3 inflation numbers.
Based on the current price at 1.1595, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1592. Some may argue that the EUR/USD has been forming a support base the entire month. If this is the case then buyers are likely to go after 1.1669. This is a potential breakout level.
The EUR/USD has formed an ascending trend line that is holding the trend in place. The POC zone 1.1560-70 could show fresh buyers for the pair.
Global stocks trade lower at the beginning of the week on several international issues – rising bond yields, trade war, Italy and geopolitical tensions all weigh on the markets.
The 1.15 level is a strong psychological support underneath and will attract a lot of value traders to send this market higher towards the 1.16 level. The Italian debt crisis is still affecting to Euro to break lower which is expected to take time to settle down and 1.1450 level underneath is acting a floor of this market.
Brexit jitters hit the Pound, with Italy’s budget delivery to the EU later today weighing on the EUR, as risk aversion returns to the markets.
It may well be make or break for the Pound and the British PM and the for the EUR as Italy faces up to the Establishment on Monday.