|Day's range||1.122 - 1.122|
|52-week range||1.1110 - 1.1815|
The Euro continues to go back and forth overall for the week, as we are essentially in a 100 point range. This has been the case for two weeks now, as the market has no idea what to do next.
The Euro has fallen again during the trading session on Friday, as we continue to see significant resistance at the 1.13 handle. However, this is a market that also has significant support, so at this point in time I feel that we are simply floundering, looking for direction.
Based on the early price action and the intraday downside momentum, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the pivot at 1.1240.
A speech from New York Fed President Williams yesterday has stirred expectations of aggressive easing and sent the dollar sharply lower.
The Euro went back and forth during the trading session on Wednesday and followed the same path during the day on Thursday. Quite frankly, we just don’t have anywhere to be at this point, and therefore it’s probably a short-term scalping type of market.
Based on the early price action, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the pivot at 96.740.
Based on the early price action and the current price at 1.1225, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1208.
A cautious attitude is returning to investors. President Trump put pressure on stock markets, recalling the readiness to impose tariffs on Chinese goods worth up to 325 billion, which returned to market fears over the consequences of trade conflicts.
It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns…
Today, Prime Minister Theresa May broadcasted a piece of advice to her successor. The drowning Fiber finally found a stoppage near 1.1200 level on Wednesday.
The Euro fell a bit initially during the trading session on Wednesday but then turned around to show signs of life again. Ultimately, this is a market that is trying to find support at a large, round, psychologically significant figure, as we continue to chop around.
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 the long-term uptrending Gann angle at 1.1205.
EUR/USD is getting lifted from the psychological 1.1200 handle with aid of better than expected CPI data out of the Euro area.
Markets continue to receive conflicting signals, but a wary mood prevails. Charles Evans from the Fed pointed to the possibility of reducing the rate immediately by 50 points in July, citing the risks of a global slowdown
It’s a quiet day on the economic calendar, which will leave the Pound in the spotlight. Brexit woes continue to trouble the Pound, which is on the slide this morning…
The RBA Meeting minutes revealed that the Bank would keep the doors open for further ease in the monetary policy by a quarter-point soon. The Euro pair and Cable suffered some huge pullbacks today.
The Euro tried to rally at the very beginning of the trading session on Tuesday, but as you can see we have been hitting resistance as of late. The purple rectangle that I have on the chart shows just where the majority of pressure has been, just under the 1.13 handle. However, we also see support just below.
Based on the early price action and current price at 1.1219, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 1.1240.
EUR/USD has retreated in the early week and was last seen testing support from a range that has been playing out for nearly a week.
Global markets remain optimistic, which nevertheless does not allay investors’ fears at the start of the corporate reporting season. Stronger than expected macroeconomic statistics from the United States and China, as well as the expectations of lower interest rates from the Fed, support demand for risky assets and help stocks to develop an offensive.
The market paused for thought overnight while shifting away from the recent buy all trend that was triggered by the definitively dovish tone from Chair Powell last week.
The Euro rallied quite a bit during the trading session on Monday but also gave back quite a bit of the gains. At this point, it looks as if the 1.13 level will continue to be rather resistant, so it’s not a huge stretch to think that we will continue to see a lot of choppiness.
Based on the early price action and the current price at 1.1276, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1278 and the downtrending Gann angle at 1.1273.
China’s quarterly GDP lowered concerns around growth rates, slightly exceeding expectations. In Q2, the growth rate of the country’s economy increased to 1.6% which is higher than expected. It is also better than 1.4% it was in the first three months of the year.