|Day's Range||1.136 - 1.137|
|52 Week Range||1.1223 - 1.2558|
While the U.S. dollar remains muted and the haven Japanese yen gains on the back global growth and trade worries, the Brexit-ridden British pound climbs to lead currency gainers on Tuesday.
The Euro dropped a bit during the trading session on Tuesday as the Americans came back to work. That being the case, the market is testing and uptrend line, and it looks likely that we could see a little bit of support in this area as we have been forming a “rounded bottom” as of late.
Investing.com – The U.S dollar trickled lowered against its rivals Tuesday as data showed U.S. existing home sales in December fell to their lowest level in more three years.
Ever since the EURUSD declined from 1.1570, it’s moves can be depicted by a short-term descending trend-line, which in-turn presently drags the quote towards 1.1325 support-line. Should prices refrain to respect the 1.1325 rest-point, the 1.1300 and the 1.1265-60 may lure the sellers ahead of pushing them to aim for recent low around 1.1215. If at all the pair manage to cross the 1.1370 TL barrier, the 1.1420 and the 1.1450 could entertain counter-trend traders prior to challenging them with 1.1490-1.1500 resistance-zone. Though, pair’s successful break of 1. ...
The Euro is continuing to lose momentum against the USD and in Monday’s session, it pulled back after rallying a bit to test the 1.1350 level underneath. There are several support points underneath and break below 1.13 level would invite more trouble. The market will continue to be difficult and until unless the pair breaks above the 1.15 level and the 200 Day EMA, it will continue to chop around. …Read MoreGBP/USD
The pair is expected to continue bearish price action in near future as macro data indicate that economic activity in European markets have slowdown significantly and traders in the broad market are expecting further bearish news to follow which could induce further bearish price action.
It’s risk off early in the day, growth forecast revisions by the IMF and central banks coming amidst softer GDP numbers.
Investing.com - The dollar was trading near two-week highs against a basket of its rivals on Tuesday as concerns over the outlook for the global economy underpinned investor demand for safe haven assets.
Based on the earlier price action, the direction of the EUR/USD into the close is likely to be determined by trader reaction to the uptrending Gann angle at 1.1369.
The Euro rallied a bit during the trading session on Monday, and then gave up all of those gains to reach towards the 1.1350 level. This is a negative turn of events, but we are still in the “rounded bottom” that I had pointed out previously, it’s a bit early to start shorting. Beyond that, I see several points of support underneath.
If the market breaks below the 1.1350 level, then it could break down towards the 1.12 level. The AUD witnessed a massive resistance as it tried to break higher but has pulled back from there. It has been a bit bullish in the market and if the market breaks above the 110 level, then the market could witness a lot of upside pressure.
EURO continues to suffer bearish influence from ongoing political issues in the European market, the bearish pressure is further intensified owing to escalating Sino-U.S. trade war tensions.
Investing.com -The safe haven Japanese yen firmed against the dollar on Monday as investors digested the latest signs of a slowdown in China after data pointing to a dip in fourth quarter growth.
With a Plan B seemingly in the wind, Theresa May could be in hot water later today, with Parliament getting restless.
It’s not just China’s economy that the markets are concerned with. An end to the government shutdown and more progress on trade talks is needed.
The daily swing chart indicates downside pressure as long as the EUR/USD remains on the bearish side of the Fibonacci level at 1.1409.
The U.S. dollar strengthens across the board as investors remained optimistic on U.S.-China trade talks, putting the greenback on track to finish the week in the green for the first time since mid-December.
The Euro pulled back a bit during the week, reaching towards the 1.1380 level. However, I do see a lot of support underneath and it’s possible that we will continue to see a lot of volatility. That being the case, it does look as if we are trying to form a bit of a rounded bottom.
The Euro rallied slightly during the trading session on Friday as we continue to see a bit of interest near the 1.14 level. While we have pulled back recently, it does look likely that the market continues to try to find buyers.
China has offered to ramp up its purchases of U.S. imports over six years to reach more than $1 trillion per year, Bloomberg News reported, citing officials familiar with the negotiations. The move would end the U.S. trade gap with China by 2024, the report said.
Consumer sentiment plunged in January to the lowest level since President Trump was elected, according to the University of Michigan index released Friday. The index fell to 90.7 in January from 98.3, with the expectations index dropping especially sharply. Economists polled by MarketWatch forecast a 97.5 reading. "The loss was due to a host of issues including the partial government shutdown, the impact of tariffs, instabilities in financial markets, the global slowdown, and the lack of clarity about monetary policies," said Richard Curtin, chief economist for the survey.
Investing.com – The dollar was set to snap a four-week losing streak against its rivals Friday, on the back of a decline in the Japanese yen. The gains come amid growing investor optimism over a U.S-China trade deal after Chinese officials reportedly offered to boost U.S. imports.
Based on the early price action and the current price at 1.1408, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 1.1409.
The greenback picked up steam on Friday despite U.S. consumer optimism hitting its lowest level since Donald Trump was elected president and the government shutdown moving into its 28th day. The dollar was supported by a stronger-than-expected report for U.S. industrial production in December, in which manufacturing posted an impressive 1.1% gain from November.