|Day's Range||1.136 - 1.138|
|52 Week Range||1.1223 - 1.2558|
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.
The Euro continued with its back and forth momentum in the Thursday’s session as the 1.14 level has been important in the short term charts and also attracting a lot of interest. Going forward, the market will continue to grind higher, as it is trying to form a bit of rounded-bottom pattern but the 1.15 level above is likely to offer significant resistance and of course the 200 Day EMA level above. …Read MoreGBP/USD
Despite positive headlines in the market, strong bear’s grip on both currencies result in range-bound price action
Geo-political risk will remain the key driver ahead of the weekend, with Brexit and the possibility of a reduction in tariffs on Chinese goods on the table.
The British pound ekes out a gain against the U.S. dollar Thursday, as London politicking around an alternative Brexit plan continues.
Euro zone finance ministers will invite applications on Monday for the job of European Central Bank Chief Economist, replacing Peter Praet whose term ends on May 31, a senior euro zone official said on Thursday. No candidates have been officially put forward yet, but Ireland's central bank governor Philip Lane is widely seen as a favourite, in the race that will be decided by the ministers at their next meeting on Feb. 11. "I have not heard about any other candidate ... which does not mean that there will not be any other," a second senior euro zone official involved in the process said.
The Euro initially fell during the trading session on Thursday but has turned around to show signs of support again. As we hover around the 1.14 handle, it is becoming increasingly obvious that the buyers are starting to flex their muscles and win this argument.
Investing.com – The U.S. dollar little changed Thursday as mostly upbeat economic data was offset by strong rise in sterling on bets the U.K. will avoid leaving the EU without a trade deal.
The greenback was steady on Thursday as jobless claims data showed the government shutdown has yet to have an impact on jobs. The number of people who filed for unemployment assistance in the U.S. hit its lowest level in five weeks, despite 27 days of a government shutdown which has furloughed 800,000 federal workers. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.11% to 95.77 as of 10:16 AM ET (15:16 GMT).