|Day's Range||1.105 - 1.107|
|52 Week Range||1.0882 - 1.1571|
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While economic data will influence, Beijing and Washington will likely have the greatest impact on risk appetite in the week ahead.
The confirmation of the closing price reversal bottom is potentially bullish. Typically, this chart pattern leads to a 2 to 3 day counter-trend rally. Its first upside target is usually 50% to 61.8% of the last leg down. This makes 1.1083 to 1.1104, our first objective.
The Euro initially fell during the week but then turned around to rally as the market simply went nowhere. It looks as if we are trying to find a bit of support at the 1.10 level which would make sense as it is a large, round, psychologically significant figure.
The Euro rallied a bit during the trading session on Friday, reaching towards the 50 day EMA. At this point, the market looks as if it is trying to recover from the 1.10 level, but quite frankly this is just a large round number so you can’t read too much into it.
The EUR/USD made a bullish bounce after breaking the round psychological 1.10 support level. The resistance line (red) and wave 4 (orange) pattern, however, make a bearish bounce likely.
After ranging near the 1.10 handle for much of the week, EUR/USD has made a firm move higher. Considering the low volatility this week, the question is if the pair will continue the momentum.
The economic calendar shifts focus to the U.S Dollar. Following Powell’s positive outlook on the economy, retail sales will need to impress…
The Euro continues to go back and forth around the 1.10 level, as it essentially seems to have nowhere to go. At this point, the market is trying to figure out where to go next, and quite frankly it just doesn’t have a catalyst.
Based on the early price action and the current price at 1.0999, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to yesterday’s close at 1.1007.
Investing.com - The U.S. dollar was unmoved on Thursday as the number of Americans applying for unemployment benefits rose to an unexpected five-month high and there were no new comments on monetary policy from Federal Reserve Chair Jerome Powell.
EUR/USD continues to see buyers around the 1.10 area but is mostly trading in a range. Meanwhile, GDP growth in Germany rose slightly to save the country from going into a technical recession.
Investing.com -- The number of Americans making initial claims for jobless benefits rose to the highest level since late June last week, in a fresh sign that the economy is weakening under the impact of protracted trade disputes with major trading partners.
Particularly weak economic data weighed on the risk appetite early on, with a busy day of stats likely to test the markets further in the day.
The Euro initially tried to rally during the trading session on Wednesday, but then turned around to reach towards the 1.10 level underneath. That is a level that of course offers a lot of interest for traders.
Based on the early price action and the current price at 1.1009, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the support cluster at 1.0996 to 1.0994.
EUR/USD dropped to levels not seen since the middle of October but was last seen bouncing higher from the psychological 1.10 level.
The RBNZ held rates steady, leading to a surge in the Kiwi, while the Greenback was under early pressure following Trump’s Tuesday speech…
The Euro initially tried to rally during the trading session on Tuesday but gave back the gains in order to show signs of weakness again. We are sitting at the 1.10 level, which of course is a large, round, psychologically significant figure, and attracts a lot of attention.
Based on the early price action and the current price at 1.1018, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the resistance cluster at 1.1029 and the downtrending Gann angle at 1.1016.
Investing.com - The U.S. dollar was slightly higher on Tuesday, but traders remained cautious as they waited for an update on a trade deal with China from U.S. President Donald Trump.
The ZEW indicator of economic sentiment for Germany rose to -2.1 in November, a gain of 20.7 points from October. Economists polled by FactSet expected a -14.8 reading. "There is growing hope that the international economic policy environment will improve in the near future, which explains the sharp rise in the ZEW Indicator of Economic Sentiment in November. In the meantime, the chances for a agreement between Great Britain and the EU and thus for a regulated withdrawal of Great Britain have noticeably increased," said Achim Wambach, president of the ZEW.