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U.S. dollar continues to gain, though momentum has softened a bit. EUR/USD is trading just above the three-month range support (and March low) near 1.2150. Nothing of note is expected from the ECB tomorrow but increased participation around such an event could drive the pair either way. A successful downside break would target 1.20 - 1.21 area initially. Otherwise, 1.23 - 1.2330 area will be revisited.
al_dcdemo's Blog
EUR/USD breaks above 1.25 but pulls back sharply
As expected, ECB kept policy steady. Draghi didn't try to talk down euro, which gave it another boost higher. Later, U.S. president Trump backtracked on what Mnuchin said a day earlier, saying that ultimately he "wants to see a strong dollar", which prompted a round of profit taking among U.S. dollar bears. EUR/USD already recovered half of that fall and appears ready to retest 1.25.
EURo lower to start the week
Euro opened marginally lower today with Catalan crisis still simmering. ECB meet this week and are expected to scale down asset purchase program while extending it through the next six or nine months. A dovish surprise seems more likely than a hawkish one.
50 DMA is acting as a resistance since late September. Potential head and shoulders top with the neckline near 1.17 projects towards 1.13. The neckline is reinforced by 100 DMA ahead of the next stronger support at 1.1615.
50 DMA is acting as a resistance since late September. Potential head and shoulders top with the neckline near 1.17 projects towards 1.13. The neckline is reinforced by 100 DMA ahead of the next stronger support at 1.1615.
EURo posts a new cycle-high after ECB meeting
ECB seem to be in no hurry to continue scaling back its asset purchase program, though Draghi said they'll likely do so in October. Growth forecasts were revised higher and inflation forecasts lower, which may keep euro appreciation pace contained.
Unwinding of so called Trump trade is what is also driving EUR/USD gains. The pair posted another cycle-high this night, continuing its slow but steady grind higher. It's possible that there will be no significant retracement until some kind of a capi…
Unwinding of so called Trump trade is what is also driving EUR/USD gains. The pair posted another cycle-high this night, continuing its slow but steady grind higher. It's possible that there will be no significant retracement until some kind of a capi…
EURo perky into ECB decision
ECB meets today and, even though they may not like euro appreciation, they can't do much about it because it's a function of economic recovery in Europe relative to other regions. Any short-term weakness will likely be seen as a buying opportunity.
EUR/USD is trading just below 1.20 as we head towards the decision. 1.18 - 1.1825 is the first stronger support before 1.1650 - 1.17. On the topside, August high (1.2075) is the initial target before 50% retracement of the 2014 - 2016 decline (1.2160)…
EUR/USD is trading just below 1.20 as we head towards the decision. 1.18 - 1.1825 is the first stronger support before 1.1650 - 1.17. On the topside, August high (1.2075) is the initial target before 50% retracement of the 2014 - 2016 decline (1.2160)…
EURo at an important support area
As widely expected, the ECB left its policy unchanged and only marginally upgraded GDP growth forecasts. Draghi once again pledged to maintain interest rates at current or lower levels for an extended period of time, well beyond the horizon of asset purchases.
Technically, the euro has been straddling the December - May trendline which is reinforced by 200 DMA and 50.0% retracement of the December - May uptrend. If the area holds, we may see a retest of 50 DMA in the days/weeks ahead. April low …
Technically, the euro has been straddling the December - May trendline which is reinforced by 200 DMA and 50.0% retracement of the December - May uptrend. If the area holds, we may see a retest of 50 DMA in the days/weeks ahead. April low …
EURo rallies after ECB surprise
In terms of easing monetary policy, ECB did much more than most market participants were expecting. After 120 pip decline in the first 15 minutes, the pair struggled to hold below 1.0850, a sign of strong demand at those prices.
The pair made new intraday low 10 minutes after press conference kicked off, started to retrace some of the move, and then rocketed higher after Draghi said that he sees no need to cut rates further, surging 400 pips from the low to the high in a couple of hours.
Technic…
The pair made new intraday low 10 minutes after press conference kicked off, started to retrace some of the move, and then rocketed higher after Draghi said that he sees no need to cut rates further, surging 400 pips from the low to the high in a couple of hours.
Technic…
EUR/USD to remain supported
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair has been consolidating in 1.05 - 1.15 range since Q1 2015. It is holding near long-term trendline, supported by 1985 and 2000 lows and rein…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair has been consolidating in 1.05 - 1.15 range since Q1 2015. It is holding near long-term trendline, supported by 1985 and 2000 lows and rein…
Swissie piggybacks on Euro weakness
ECB were very dovish at their yesterday's meeting, where they signaled that they may act as early as in December. While expansion and extension of the current QE program was always a possibility, cuts to the deposit rate are back on the table despite -0.20% was often cited as a lower bound.
The most affected pair was, of course, the Euro but the Swisse took advantage of broader US dollar strength that came in the aftermath of the decision. The pair is now back above 50 DMA with September (~0.984…
The most affected pair was, of course, the Euro but the Swisse took advantage of broader US dollar strength that came in the aftermath of the decision. The pair is now back above 50 DMA with September (~0.984…
EURo starts the week sideways
Euro started the week with lacklustre sideways trading in a 40-pip range. Highlight of the week is the ECB meeting on Thursday and, while many are expecting them to signal further easing, chances are that it won't happen yet. The pair is now trading comfortably above 50, 100 and 200 DMA and looks well supported in the dips in this weak dollar environment.
Support:
1.1325 - 1.1340 (Low Of Day, Previous Week Low, Daily Support 1)
1.1290 - 1.1300 (00's, Daily Support 2, Weekly Support 1)
Resistance…
Support:
1.1325 - 1.1340 (Low Of Day, Previous Week Low, Daily Support 1)
1.1290 - 1.1300 (00's, Daily Support 2, Weekly Support 1)
Resistance…