|Day's Range||1.109 - 1.11|
|52 Week Range||1.0882 - 1.1514|
The Credit Suisse global strategy team’s annual surprise predictions include a surge in U.S. stocks and a bursting of the Chinese bubble.
The Euro tried to rally during the week but ran into a lot of trouble at the 50 week EMA. At this point, the market looks very likely to continue to drift a little bit lower, as we are in the middle of a larger range.
Based on the early price action, the direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the 50% level at 1.1110.
EUR/USD was dragged lower by yesterday’s US retail sales report and is holding near lows, threatening a break of support.
The Euro rallied a bit during the trading session on Thursday but giveback quite a bit of the gains to show a sluggish reluctance to break towards the top of the overall range.
Investing.com - The U.S. dollar is largely unchanged in European trade early Thursday, as a degree of calm prevails following the signing of the Sino-U.S. trade deal.
Based on the early price action and the current price at 1.1159, the direction of the EUR/USD into the close is likely to be determined by trader reaction to the 50% level at 1.1162.
The Euro rallied a bit during the trading session on Wednesday, breaking above the 200 day EMA, which of course is a bullish sign. I have been talking about these moving averages for some time, and now it looks like we are trying to make a move.
Invesing.com – The U.S. dollar fell Wednesday on data showing inflation remained muted, while the conclusion of the U.S.-China phase one trade deal had a muted impact on the greenback.
China is expected to toe the line on any weakness in the RMB as we move forward to negotiating Phase Two. No impulse for gold from the US CPI data as the inflation trend was broadly neutral for gold.
Investing.com - A tone of caution prevails in the foreign exchange markets Wednesday, ahead of the signing of the much-awaited trade deal between U.S. and China.
The Euro initially tried to rally during the trading session on Tuesday, but as you can see, we pulled back again as consolidation continues to be the mainstay of this market.