|Day's Range||1.11 - 1.11|
|52 Week Range||1.1028 - 1.1815|
Based on the early price action and the current price at 1.1100, the direction of the EUR/USD into the close is likely to be determined by the short-term Fibonacci level at 1.1112.
In the USD Index, the bulls continued to take over the bears even today. Interim, rising odds for a no-deal Brexit was making the Cable traders upset.
The Euro initially tried to rally during the beginning of the week but we then broke down significantly to reach towards the 1.10 EUR level underneath. This is a very negative looking candle stick and it could lead to much more.
The Euro broke down significantly during the trading session on Friday, slicing through the 1.11 EUR level. This of course is a very negative turn of events as we start racing towards the 1.10 EUR level.
Global aversion to the risk continues. President Trump easing his policy on the trade war with China did not help much here. Inverted yield curve is doing its job spooking the market participants.
The S&P500; stabilised on Thursday, finishing the session up 0.2%. Better-than-expected US data (retail sales, Empire State, and Philly fed) probably helped sentiment in US stock markets, though it seems to have been largely ignored by the bond market. Bond markets continue to scream at the Fed supported by President Trump who continues to muscle Powell lower ” we don’t care about the data if you don’t cut rates you are making a huge policy mistake” ahead of the annual central bank soiree in Jackson Hole Wyoming. From a risk sentiment perspective, the Fed has no other option than to comply with the market’s pricing for fear of a total risk meltdown.
Based on Thursday’s price action and the current price at 1.1106, the direction of the EUR/USD into the close is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112.
The Euro initially tried to rally during the trading session on Thursday, reaching towards the 1.1160 level before pulling back. The 1.11 level underneath is offering support, but it does in fact look like we are trying to take out the “melt up candle” that we had a couple of weeks ago.
The world markets failed to maintain a positive attitude. The U.S. indices lost more than 3% on Wednesday. At the same time, the debt markets did not bounce back with the stocks on the news of the tariff delay.
Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 97.840.
EUR/USD broke lower from a range on Wednesday and has been under a bit of pressure since. The pair is seen attempting to bounce higher, although there is important resistance nearby.
Despite positive AUD-specific data, the Aussie pair was heading south to end the day on a negative note. Fiber kept slipping throughout the day shrugging towards upbeat Eurozone and German Q2 YoY GDP data.
If there was any remaining doubt, the EU economic data released Wednesday has provided even further support to the view that the ECB will need to cut interest rates to a new record-low as early as September.
The Euro initially tried to rally during the trading session on Wednesday but has found quite a bit of resistance near the 1.12 EUR level. This is the beginning of major resistance as we have seen over the last several sessions, so this should not be much of a surprise.
Germany’s gross domestic product shrank 0.1% in the second quarter of the year, confirming the lackluster performance of the German economy hit by rising trade fears, the slowdown of Chinese imports and home-grown industrial and economic problems.
Based on the early price action and the current price at 1.1143, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 1.1139.
Last few days are maybe volatile for Gold or Stocks but Euro is holding steady. On most of the pairs with the EUR, since the 5th of August we are witnessing a sideways trend.
Although there was quite a bit of volatility in the markets over the last 24 hours or so, EUR/USD continues to hold in a range that started early last week.
The eurozone economy slowed to a 0.2% growth rate in the second quarter, according to a flash estimate published by Eurostat, which also reported a 1.6% decline in June industrial production. Compared to a year ago, the eurozone economy grew 1.1%.
After three adverse closings in a row, the Greenback was underway a positive closing today. After touching the 7.0707 mark yesterday, the USD/CNY pair was heading downside on Tuesday.
The Euro initially fell again during the trading session on Tuesday but found support in the same general vicinity that we have seen for some time. Because of this, the choppiness continues as we continue to trade right around the 50 day EMA.
Based on the early price action and the current price at 1.1217, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1185.
Investing.com - The U.S. dollar surged on Tuesday after the U.S. Trade Representative delayed tariffs on a number of items, including toys and computer consoles.