|Day's Range||1.106 - 1.107|
|52 Week Range||1.0882 - 1.1571|
It’s a big week ahead, with the ECB, the FED, trade, and the UK General Election in focus. Expect the stats to play second fiddle in the week.
The Euro has shown signs of exhaustion after initially rallying during the week but pulling back yet again. At this point, the 1.10 level is support.
The Euro fell during the trading session on Friday, as the US jobs number came out much stronger than anticipated. This sent money flowing towards the US dollar, so this point is very likely that the market should continue to favor the downtrend.
Based on the early price action and the current price at 1.1094, the direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the downtrending Gann angle at 1.1111. This angle stopped the buying earlier in the session.
EUR/USD continues to struggle with the 1.1100 handle but is holding near highs for the week ahead of Non-Farm payrolls data.
China's Finance Ministrysaid it would exclude some U.S. soybeans, pork and other commodities from tariffs. The government did not indicate how much of those products would be excluded. The move comes as the U.S. and China are attempting to reach a so-called phase one agreement on reducing trade tensions.
In November, Lagarde delivered her first speech as the ECB President. Will she follow in Draghi’s footsteps? But what should gold investors expect from her?
Nonfarm payrolls from the U.S will influence later in the day. The UK election opinion polls and trade news also need a watchful eye.
The Euro rallied early during the trading session on Thursday, as we continue to see a bit of bullish pressure recently. That being said, we are still in a very tight consolidation area and of course have a lot of resistance as shown from the previous session.
Based on the early price action and the current price at 1.1098, the direction of the EUR/USD the rest of the session on Thursday will be determined by trader reaction to the short-term Fibonacci level at 1.1102.
Eurozone retail sales slumped a seasonally adjusted 0.6% in October, Eurostat reported Thursday, well below expectations of a flat reading. Compared to Oct. 2018, retail sales rose 1.4%, below the 2.3% growth rate expected in a FactSet-compiled poll. Mail order and internet sales dived 2.5% as non-food sales slipped by 1.1% during the month, Eurostat reported.
Risk sentiment returned on Wednesday, with the S&P500; back up 0.8% heading into the close and US 10-year yields up 6bps to 1.77%. The latest iteration in the trade talk saga suggests that the US President’s lack of urgency on trade negotiations should not be interpreted as a stall in the talks.
Investing.com – Asian currencies made something of a comeback on Thursday morning in Asia as optimism about a possible trade deal between China and the US returned. The USD was lost a little ground and the Australian dollar stopped a multi-day slide even as the Yuan continued to slide.
The Euro tried to break above the 1.11 handle during the trading session on Wednesday. By breaking above there slightly, it does open up the possibility of a move to the 200 day EMA.
Based on the early price action and the current price at 1.1108, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to an uptrending Gann angle at 1.1101.
Investing.com - The U.S. dollar dipped slightly from earlier highs, as investors digested recent trade developments and private payrolls growth tumbled.
EUR/USD is under a bit of pressure in the early day and is threatening a downside break from a range that has been playing out in the early week.
EUR/USD has been flirting with the green support zone recently, yet strongly rebounded yesterday. Was it a surprise? Not if you’re reading our analysis. Enough tooting our horn, what’s next in store for the pair?
It’s a busy day ahead. Geopolitics, the BoC and service sector activity will keep the markets busy on the day ahead…
Investing.com – The dollar held steady in morning trade in Asia Wednesday morning after US President Donald Trump raised doubts that a trade deal with China will be signed before the end of next year.
The Euro went back and forth during the trading session on Tuesday, as markets are testing a major figure just above. At this point, the market is likely to see a lot of noise, but I think it’s only a matter of time before we continue the longer-term trend.