Eur/usd - page 330

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September 2015 Eurozone consumer confidence -7.10vs -7.00 exp

September 2015 Eurozone consumer confidence flash report
  • Prior -6.80
 

EURUSD looking decidedly dodgy

Sellers willing to keep the pressure on means we could be seeing further downside

I'm not liking the current price action in EURUSD, and after taking a tech long at 1.1155 I'm considering bailing out and moving on.

Sometimes things just don't feel right and I'd rather get out for a small loss than play the hope game

While I decide what to do I'm going to move my stop to just below the 55 dma at 1.1120 so if it does blow it makes the decision for me. If I get back to breakeven I may even call that a result

1.1135/40 looks key right here and now.

source

 

EUR/USD is testing support level 1.1110 which is September low for now I will wait for a rebound a the price to close under the support level.

 

ECB today - that will decide a lot of things

 

The euro registered another loss the dollar on Tuesday. The negative momentum has continued for a third consecutive session and as a result of this the support at 1.1130 was broken and currencies finished below its levels. If bearish sentiment continue, the pair will test the second support at 1.1091. Trading on Tuesday started at a price of 1.1189. In early trend was neutral, but around noon bears prevailed. Bottom of the day was hit at 1.1113 and the session ended with 19 pips higher.

 

Yesterday the EURUSD fell for the straight third day and closed in the red near the low of the day with a narrow range a sign that the downward pressure is slowing.

The currency broke below the 50-day moving average at 1.1163 (Support) suggesting that the downward momentum is still in place.

The next key levels to watch are 1.1237 (resistance), the 50-day moving average at 1.1163 previous support now resistance, the 1.1097 (Support) and the 200-day moving average at 1.1082 (Support).

 

Eurozone Markit mftg PMI Spet flash 52.0 as exp

Latest Eurozone flash PMI data

  • 52.3 prev
  • services 54.0 vs 54.2 exp vs 54.4 prev
  • composite 53.9 vs 54.0 exp vs 54.3 prev
 

Forecasts show lower increase in inflation says Draghi

Testimony comments from Draghi in Brussels

  • Sees inflation rising toward the end of the year
  • Sees emerging markets, euro and oil price as risks
  • Eurozone faced exceptional challenges over summer
  • ECB can alter the size, composition and duration of QE if needed
  • Renewed downside risks to outlook have returned
  • Too early to tell if latest weakness will last
  • Sees inflation falling to zero in very near term
  • Europe can be strong if acting in unity
  • Sees no financial stability risks at this time

As expected the text of his testimony is virtually identical to his Sep ECB statement

 

EUR/USD moves higher on Draghi comments

The euro moved higher against the U.S. dollar on Wednesday, easing off a two-and-a-half week trough after European Central Bank President Mario Draghi said it was too early decide whether or not to add stimulus measures.

EUR/USD eased off 1.1105, the pair's lowest since September 4, to hit 1.1175 during U.S. morning trade, gaining 0.44%.

The pair was likely to find support at 1.1086, the low of September 3 and resistance at 1.1209, Tuesday's high.

Speaking in Brussels, Draghi said that "more time is needed to determine in particular whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind the recent episodes of severe financial turbulence."

The comments dampened hopes that the ECB could implement additional stimulus measures to bolster growth in the euro zone.

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EUR/USD rebounded from September low 1.1110 and rise 100 pips I was happy with my 50 pips profit from the rebound.

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