Eur/usd - page 405
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I have a reason to believe that the EUR/USD is ready for take off. The price has been trading slightly above long-term downward channel and is currently creating a new upward channel. Should we get another attempt to break the 200SMA, we might see the EUR/USD climbing above 1.11.
The EUR/USD is in it's way to the next resistance at 1.1033 today, so stay tune gents.
From Goldman Sachs believe that monetary-credit policy will again become the dominant factor in determining the exchange rates, rather than risk appetite. Against this background, the analysts retained its annual forecast for EUR/USD of 0.9500.
EUR/USD is testing resistance level 1.1000, I wont be opening a position till I get a confirmation with the close of the day.
German Industrial Production Back on Track in January Business activity in Germany's industrial sector accelerated over the first month in the year, the latest report from the German Federal Statistical Office (Destatis) revealed on Tuesday.
Industrial production in Germany unexpectedly rebounded 3.3% in January, seasonally and working day adjusted, climbing from the previous level of -1.2% month-on-month.
Measured on an annual basis, industrial output in German factories surprisingly rose 2.2%, while analysts had predicted the number to come in at -1.6%.
Industrial production in Germany has been facing volatile readings in the last couple of months, having wallowed in red territory four times over the last six months.
The indicator measures the volume change in the output of German factories and a higher reading is seen as positive, while it is also important as a valuable parameter for the overall economy. Industrial production quickly reacts to the business cycle of the whole economy.
read more
Yesterday the EURUSD initially fell but found enough support at the 10-day moving average to turn around and closed near the high of the day, however closed within the previous day range, suggesting a weak bullish momentum.
The pair closed above the 10, 50-day moving averages that are acting now as dynamic support however did not managed to close above the 200 day moving average.
The key levels to watch are: A daily resistance at 1.1236, other daily resistance at 1.1097, the 200-day moving average at 1.1020 (resistance), 50-day moving average at 1.0997 (support), the 10-day moving average at 1.0944 (support) and a daily support at 1.0900.
The single currency registered a volatile session against the dollar on Monday. Ultimately, the euro slightly advanced against the dollar and so the break of resistance at 1.1066 was postponed. If bullish sentiment continue in the future, the key level will be overcome. The new week started at a price of 1.0992 as initially bearish sentiment prevailed. The pair hit bottom for the day at 1.0939 abs session closed at 1.1013.
EUR/USD reached 1.1057, 15 pips above the 200SMA but due to heavy bearish pressure, it retraced back below the Moving Average and is currenctly trading around the 1.10-1.1015 level.
The pair reached resistance twice in the last three days, indicating that the Euro might attempt a bull run. Pay attention to news this week and watch 1.1045.
The EUR/USD fell today close to the opening from the resistance level around 1.1050, I see that going short from the 1.1020 is option today.
EUR/USD started trading around the resistance level 1.1000 we might see a few days of trading around this levels.