|Day's range||1.117 - 1.117|
|52-week range||1.0882 - 1.1571|
The Euro has had a strong week as we head towards the significant 1.12 level. The 50 week moving average is just above there, and therefore it’s possible that we could see a selling opportunity. That being said though, it looks as if traders will need to be taken on the daily chart.
The Euro rallied a bit during the trading session on Friday, grinding towards significant resistance just above. This has been a nice move, but not exactly unprecedented as we have seen this happen several times over the last 18 months.
The early price action suggests the upside bias should strengthen on a sustained move over 1.1139. A downside bias will develop on a sustained move under 1.1115.
EUR/USD extended higher on Thursday to post a third consecutive day of gains. The pair is underpinned by hopes that the UK will leave the EU in an orderly fashion and expectations for a Fed rate cut later this month.
While China’s economy slowed in the 3rd quarter, things could have been much worse. Relief all round as focus now shifts to Brexit…
The Euro rallied significantly during the trading session on Thursday again, perhaps in hopes of a Brexit deal finally coming to light. However, we are still within the range between the 50 day EMA and the 200 day EMA, where the market has found sellers for 18 months.
Recent rotation in multiple foreign currencies hints at the fact that a new stage of the “Capital Shift” process is taking place and that skilled technical investors need to pay very close attention to how these currencies continue to react over the next 3 to 6+ months. In the recent past, most of the world’s foreign currencies were declining in value while the US Dollar continued to strengthen. In fact, we authored many research articles about these trends and how weakness in foreign currencies will drive new foreign investment into the US stock markets for two simple reasons; strength and security.
Based on the early price action and the current price at 1.1113, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to a pair of Gann angles at 1.1117 and 1.1119.
EUR/USD broke to a fresh one-month high as investors see a higher chance of a Brexit deal while US data continues to signal weakness in the economy.
The U.S. equity markets were a tad weaker Wednesday, and 10-year bond yields fell as the market s were left interpreting the inconsistent news out of the U.S.: weak retail headlines for September but upbeat earnings report, with Bank of America, reporting growth in investment-banking fees.
The Euro has rallied a bit during the trading session on Wednesday as we continue to consolidate around the technically important 50 day EMA. At this point, the market looks likely to see a lot of confusion, especially as the European Union still deals with Brexit.
Based on the early price action, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 1.1053 and the Fibonacci level at 1.1055.
After briefly dipping lower on Tuesday below the 1.10 handle, EUR/USD has recovered and made another attempt at the 50 DMA, boosted by optimism over an orderly Brexit.
The Euro rolled over again during the trading session on Tuesday, showing signs of weakness as the long term trend continues to assert itself, the Euro looks destined to test the lows again.
Based on the early price action and the current price at 1.1021, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the main 50% level at 1.1021.
The Euro has done a lot of back-and-forth trading during the session on Monday, as traders are trying to figure out what to do next after the US/China trade talks produce so little. Essentially, we are right where we started.
Based on the early price action and the current price at 1.1023, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the Fibonacci level at 1.1022.
The Dollar found strong support early, as the markets considered the implications on existing tariffs on the economic outlook. Brexit chatter also weighed.
It is a big week ahead, with corporate earnings, trade talks, Brexit and economic data in focus. There’s also the IFM meetings and the EU Summit.
The Euro rallied significantly during the week, as we have seen the lot of positive headlines come out involving the Brexit. Ultimately, this is a market that is going to be influenced by a lot of external factors, and of course the occasional rumor/headline.
The Euro has rallied significantly during the trading session on Friday, breaking above the 50 day EMA before finding sellers again. Ultimately, the market is going to continue to be very choppy but it looks as if a bit of hope entering the Brexit situation could send money back into the Euro.