Eur/usd - page 466

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Yesterday the EURUSD initially fell but found enough support at 1.0970 key level to reverse and closed near the high of the day, in addition managed to close above the previous day high, which suggests a strong bullish momentum.

 

The pair closed above the 10-day moving average that now should act as a dynamic support however it continues to trade below the 50 and the 200-day moving averages that are acting as dynamic resistances.

 

The key levels to watch are: The 50-day moving average at 1.1155 (resistance), the 200-day moving average at 1.1126 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1015 (support) and daily support 1.0900.
 
The EUR/USD is trading higher after the FED decided to leave the rates unchanged. The pair went from 1.0961 to a current market price of 1.1109. First resistance is seen at 1.1140, while first support is found at 1.1020.
 

Eurozone economic confidence July 104.6 vs 103.50 exp

Eurozone confidence report now out 28 July 2016

  • 104.4 prev
  • consumer confidence -7.9 as exp/prev
  • business climate indicator +0.39 vs +0.17 exp vs 0.22 prev
  • industrial confidence -2.4 vs -3.3 exp vs -2.8
  • services confidence 11.1 vs 10.3 exp vs 10.9 prev revised up from 10.8
 

Inflation to rise soon says ECB's Villeroy

Double bubble today from the head of the French central bank speaking to the press

  • The ECB's QE program is working
  • The French banking system is sound

And that was it.

The European bank stress tests are going to be fun tomorrow.

 
The euro rose against the dollar on Thursday. By the end of the trading session EUR/USD was trading at 1.1076, gaining 0.14%.
I believe that the support is now located at the level of 1.0950, Monday's low, and resistance is likely at 1.1119 - a maximum of today's trading.
 
Tomorrow morning, European banking organization (EBA) will publish the results of stress tests, but the markets are waiting for this event without much interest. EUR/USD reversal points is about the 1.1175/1.1200, where are the highs of the current range.

 

The single currency marked a modest rise against the US dollar on Thursday. The session started at 1.1057 and closed only 18 pips higher. The graphics continue to develop over the moving averages, while the relative strength index remaine in neutral territory. Should the pair continue to move up, most likely will try test the first resistance at 1.1100.

 

Yesterday the EURUSD initially rallied but found enough resistance at 1.1097 to trim some of its gains but closed in the green although near the low of the day, in addition managed to close above the previous day high, which suggests a weak bullish momentum.

 

The pair is trading above the 10-day moving average that is acting as a dynamic support however it continues to trade below the 50 and the 200-day moving averages that are acting as dynamic resistances.

 

The key levels to watch are: The 50-day moving average at 1.1154 (resistance), the 200-day moving average at 1.1127 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1018 (support) and daily support 1.0900.

 
The EUR/USD is trading somewhat unchanged compared to yesterday's level. The pair is now 1.1094. In a bit more than an hour we have scheduled the EU GDP (YoY). This may create volatility and if it's positive, we might see price going above 1.1130.
 

EUR/USD forecast for the week of August 1, 2016


The EUR/USD pair rose during the week, slamming towards the 1.12 level. This is a market that continues to show quite a bit of volatility but we are starting to see strength in the Euro recently. However, the previous uptrend line should offer quite a bit of resistance, so I’m a bit worried about going long for a longer-term trade. I think quite frankly, we will see a resistive candle that we can search selling again, but it will more than likely be off of the shorter-term charts, not the weekly chart.



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