|Day's Range||1.169 - 1.169|
|52 Week Range||1.1315 - 1.2558|
Investing.com - Investors will be looking ahead to Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy to a Senate committee on Tuesday.
Based on last week’s close at 1.1687, the direction of the EUR/USD this week is likely to be determined by investor reaction to the pivot at 1.1680. The most important area to watch this week is the 50%/Gann angle combination at 1.1680 to 1.1675. Basically, look for an upside bias to develop on a sustained move over 1.1680 and for a downside bias to develop on a sustained move under 1.1675.
The Euro fell a bit during the week, but still sees a significant amount of support underneath, especially near the 1.15 level underneath. I believe that the market will continue to look at that market as being very well supported, but it’s obvious that the difficulties continue.
The Euro fell initially during the day on Friday, reaching down to the 1.1600 level initially, but is looking like buyers are coming back into trying to lift this market at what I think is a reasonably strong demand level.
Investing.com – The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low.
European stocks end slightly higher on Friday, extending their weekly gains as concerns over a potential global trade war remained on the back burner and investors instead focused on a raft of prominent bank earnings out of the U.S.
The market is likely to start the upside move towards the 1.33 level again, that’s an important resistance level and if it gets broken, then the market could go to the 1.35 level. If the market breaks the 1.32 level again, then next support is at 1.3175 level.
The pair has been lost for direction over the last 24 hours and it awaits the next piece of fundamentals to start pushing through the range
While risk appetite returns to the markets, the Dollar looks to have found its some upside in the early part of the day, though it could all change should sentiment towards trade tariffs take another turn.
The Euro fell towards the 1.1650 level during trading on Thursday, after initially having a relatively flat session. This may have been in reaction to the ECB meeting minutes, but at the end of the day it’s also likely that it had more to do with a simple pull back.
Investing.com – The dollar was roughly flat against its rivals Thursday, as U.S. economic data showed the pace of consumer prices was subdued last month, but downside was limited by a slump in the yen amid easing trade-war concerns.
Investing.com - The dollar was holding steady at one-and-a-half week highs against a currency basket on Thursday after data showing that U.S. inflation hit a six year high in June, underpinning expectations for two more rate hikes by the Federal Reserve this year.
European stock markets finish solidly higher Thursday, recovering a portion of the losses accumulated after the prior day’s selloff that came amid heightened concerns of a global trade war.
Based on the early trade, the key level to watch is 1.1659. This support cluster is being formed by a combination of an uptrending Gann angle and the short-term 50% level. Watch the price action and read the order flow at 1.1659 all session. Trader reaction to this price cluster is controlling the direction of the market today. Look for volatility at 1230 GMT with the release of the U.S. consumer inflation report.
Investing.com - The dollar rose to fresh six month highs against the yen on Thursday and was steady against a currency basket as solid gains in the latest U.S. inflation report reinforced expectations for two additional rate hikes by the Federal Reserve this year.
The risk tap opened this morning, providing much needed support for the Asian equity markets and the commodity currencies, with focus now shifting to the release of the ECB policy meeting minutes and U.S inflation figures.
The market in the short term is likely to continue volatile as confusion relating to the rate hike by ECB remains. The pair had a choppy session during the yesterday’s session, initially trying to rally during the day but found enough resistance to turn around and fall towards the 1.3225 level.
the ECB will be releasing its monetary policy meeting minutes. The minutes cover the June ECB meeting where policymakers announced a taper to the QE program and an exit from QE by December 2018.
The pair has been falling over the last couple of days as the dollar begins to gain strength all across the board
The Euro has been very volatile during the day on Tuesday, dropping down towards the 1.17 level before rallying again. Initially, one of the ECB members mentioned that summer time 2019 is the earliest that you would see a rate hike, but since then it has been suggested that some of the other members are much more hawkish. In the end, we essentially are recovering the losses and not much is changed.
Investing.com – The dollar rose Wednesday as data showing U.S. wholesale prices increased at a faster pace than anticipated last month raised investor expectations for stronger inflation, increasing the prospect of further Fed rate hikes.
European stock markets closes in the red Wednesday, as traders fret over the fallout from a potential global trade war after the U.S. said it plans to hit Chinese goods with another $200 billion in tariffs.
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