Eur/usd - page 324
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EUR/USD: Greenback Supported by Renewed Risk Appetite
Renewed risk sentiment pushed the US dollar higher across the board on Wednesday, with the euro giving up its gains and falling below $1.12.
There is a clear pick up in risk sentiment once again as concerns about China have slackened off for now, with the risk-on sentiment playing in favor of the US dollar. Asian markets shot higher on Wednesday, taking a lead from Wall Street yesterday.
Global markets have been buoyed by China’s new market intervention and the announcement from China’s Ministry of Finance (MoF) that they will speed up fiscal spending.
According to the MoF late on Tuesday, investment in major construction projects will be brought forward with the help of private financing. Some income tax changes to dividends were also announced to encourage long-term investment in Chinese shares.
The pair fell below the $1.12 handle during the overnight session to trade 0.37% lower at $1.1159 ahead of the European open.
"Yesterday’s rebound has continued in Asia this morning with strong gains there as investors speculate that Chinese authorities will continue to ramp up their recent stimulus measures with further action in the coming day," Michael Hewson from CMC Markets UK wrote on Wednesday.
The rebound in sentiment mostly provides support to the US dollar, which is now seen as the new 'risk-on' currency.
The concerns surrounding China have become a major factor, increasing the speculation over next week's Federal Reserve rate decision.
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Yesterday the EURUSD pair rose on a wide range day and closed in the green near the high of the day, shy above the 10-day moving average. This close above the 10-day moving average and the fact that we might get a golden cross (the 50 DMA crosses above the 200 DMA) today suggests that the bears are losing control of the currency. The key levels to watch today are the same of yesterday 1.1237 (Resistance) and 1.1097 (Support) and a break above the resistance or a break down below support would set the tone for the mid-tem.
EURUSD sellers give up
100 day MA not broken. Better JOLTS does not send EURUSD lower. 100 hour MA brokenThe EURUSD failed to get below the 100 day MA at the 1.11256. It failed to benefit from a better than expected JOLTs but there are some noting that the hiring rate declined from 3.7% to 3.5%, and the quit rate remained unchanged at 1.9% for the 4th consecutive month.
The move higher has also taken the price back above the 100 hour MA at the 1.1156 level. This will now be eyed as close support for intraday traders now.
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EUR/USD is testing a strong support level 1.11560 for the third day I will wait until I have a confirmation of a break or a rebound.
EURUSD in a dead cat bouncing phase - once it jumps (or falls) we are going to scratch our heads
Time to Push Ahead With Reforms: ECB's Praet
The impact of the European Central Bank's (ECB) bond-buying program has been been partially reversed by the market recently, ECB Executive Board member Peter Praet said at the Eurofi conference in a speech titled: "The ECB’s asset purchase programme: the impact so far."
While "we judge that the recent volatility in financial markets has not materially affected this picture," Praet said about recent turbulence in Chinese and global financial markets, "close monitoring and continuous assessment are warranted from a monetary policy perspective."
From that perspective "the effectiveness of the APP (official name of the ECB stimulus package) would be enhanced by complementary measures from other policymakers," the ECB policymaker argued, calling for euro zone governments to push ahead with necessary reforms.
"In particular, the improving economic and financial environment provides the ideal conditions for governments to press ahead with structural reforms, which are in turn necessary to make the recovery lasting," Praet said.
"Raising expectations of future growth is vital to lift animal spirits and encourage a stronger rebound in investment, which is the cornerstone of a self-sustaining economic recovery," he added.
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The single currency reported a moderate growth against the dollar on Wednesday, which kept the positive performance for the fourth consecutive day. The euro was trading at 1.1206 at the end of the session, which was held within the extreme values at 1.1215 and 1.1131. In the short term positive sentiment remain, but the price remains limited by the 100-period moving average at 1.1260.
Yesterday the EURUSD pair initially fell but found enough buying pressure to turn around and close in the green near the high of the day, again shy above the 10-day moving average. The currency continues in a range bound trading but we got a golden cross. The key levels to watch today are the same of yesterday 1.1237 (Resistance) and 1.1097 (Support) and a break above the resistance or a break down below support would set the tone for the mid-tem.
We saw some upward move today, let's hope it continues that way.
EURUSD stretches up to and now through the 200 day MA
Pop goes the weasel...The EURUSD goes pop and scoots right up to the 200 day MA at the 1.1259 area. The 50% of the move up from the July 2015 low to the August high makes this a key area. There should be resistance sellers on the test but be careful.
The range for the day is now up to 95. The average is 136 for the last 22 days. The range for the week was indeed extended as well. Seeing more buying up to 1.1270 now
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