Eur/usd - page 352
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The single currency resumed the downward direction on Tuesday and lost 27 pips against the dollar to a closing price of 1.0723. The pair recorded nearly seven-month bottom during the session at 1.0675, while the highest point was reached at 1.0763. The graphics continues to develop under downward moving averages and the relative strength index remains in favor of the bears. A break of yesterday's bottom will create a possibility for an extended downturn.
Until now the overall movement of the EUR/USD for the week is less than 10 pips from last weeks close price.
As i expected, the EUR/USD in the same level and 7 pips over the opening now, so let us see what is Yellen's speech gonna do?
The single currency recorded a moderate growth against the dollar on Wednesday and was trading at a price of 1.0740 at the end of the session. The daily extremes were reached respectively at 1.0773 and 1.0705. Attitudes remain negative, but a break of levels at 1.0655 will confirm the dominance of the bears.
Yesterday the EURUSD rose with a narrow range and closed in the red in the green near the high of the day.
Yesterday the pair touched the Fibonacci extension at 1.0703 but without any follow thru suggesting a continuation of the consolidation mode.
The key levels to watch are the 1.0900 (Resistance), the 10-day moving average at 1.0813 (resistance) 1.0819 (support), a Fibonacci extension at 1.0703 (Support) and 1.0622 (Support).
I think it's going lower next week.
EUR/USD: Pair Elevated After Fed's Bullard, Labor Data The pair crossed over the $1.0800 mark temporarily amid a speech from the St Louis Federal Reserve (Fed) President James Bullard. The world's No.1 currency lost some power despite Bullard reiterating that the time to start hiking interest rates has come.
Markets stayed rather restrained as the possibility of policy tightening at the December Federal Open Market Committee meeting is already included in the fx rate. Moreover, Bullard, known as an eager hawk, is currently not a committee voting member.
Initial jobless claims stayed at 276,000, while continuing jobless claims somewhat worsened, from 2,169K to 2,174K, the US Department of Labor advised on Thursday.
The EUR/USD pair hardly moved after the data and remained consolidating in the middle of its daily range around $1.0730.
Earlier in the session, the euro was volatile, mainly due to European Central Bank (ECB) speakers. ECB Executive Board Member Benoît Cœuré said that despite expectations, the bank is not obliged to expand the QE program at its next meeting. This sent the euro to daily highs, although it failed to stay there as shortly after ECB President Mario Draghi spoke.
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The EUR/USD moving on a daily basis between 1.0800 and 1.0700, but i see that the U.S. Retail Sales will pull the pair again to test the 1.0730 support level.
EUR/USD is facing the next resistance level 1.0860 which will not be easy to break I will put my entry level above this level. if the pair continue to climb and broke the resistance level next target will be 1.0910.
The single currency recovered significant positions during yesterday's session and is on way to record a first positive week from the last five. The euro rose by nearly 70 pips to a closing price of 1.0812. The extreme values for the session were recorded at 1.0826 and 1.0691. EUR/USD finally overcame the psychological barrier at 1.0800, as the relative strength index continued to gain positions crossing to positive territory.