Eur/usd - page 472
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On the last Friday’s session the EURUSD tried to rally but found enough selling pressure to give back to the market some of its gains however managed to close in the green, but near the low of the day, in addition closed within Thursday’s range, which suggests to be slightly on the bearish side of neutral.
The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: a daily resistance at 1.1460, other daily resistance at 1.1237, the 10-day moving average at 1.1135 (support), a daily support at 1.1097, and the previous swing low at 1.1045 (support).The downbeat US data today pushed the single currency higher to reach an intraday high at 1.1203, but cound’t fight the resistance at 1.1230. Key support remains 1.1100.
EUR/USD Struggling to Break Higher
Two attempts at a technical break have seen EUR/USD retreating as significant overhead resistance has kept the pair contained.
A confluence of resistance in EUR/USD has limited rallies, as resistance at 1.1188 referencing a spike high seen on a 4-hour chart in the recovery following the UK vote, as well as a declining trendline, has held the upside. The declining trendline dates back to May 3 highs, and while exchange rate has breached above the level on smaller time frames, a daily close above the trendline has remained absent.
Friday’s US retail sales report triggered the first attempt to break higher in the pair, but the subsequent reversal carried momentum behind it, and brought the pair back below resistance. A second attempt was made on Monday, but the rally was capped at the 1.1200 handle, and a turn has brought the pair back below 1.1188 resistance but has yet to retreat below the declining trendline.
The decline triggered by the end of week reversal in the Greenback continued into this week’s open. EUR/USD was met with support at 1.1154 in early Asian trading and a steady move higher took the pair to a high of 1.1184 ahead of the North American open. The pair briefly breached resistance at 1.1188, but fell back after the US equity open.
Resistance in the pair remains at 1.1188, and a breach of the level could see the pair making a run for August 2 highs at 1.1233. Support in the pair remains at 1.1154, while a rising trendline from August 9 lows shows near-term support around 1.1175. EUR/USD was last seen at 1.1184 for a gain of 0.24% on the day.
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The single currency marked a slight increase against the US dollar on Monday. The pair opened at 1.1167 and closed only 15 pips higher. The graphics continue to develop above the moving averages, while the RSI remained on neutral territory. In case that the upward direction continue, we may expect a test of the first resistance located at 1.1286.
Yesterday the EURUSD went back and forward but closed in the green although in the middle of the daily range, in addition managed to close within the previous day range, which suggests being clearly neutral, neither side is showing control.
The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: a daily resistance at 1.1460, other daily resistance at 1.1237, the 10-day moving average at 1.1133 (support), a daily support at 1.1097, and the previous swing low at 1.1045 (support).
EUR/USD: Wide Limits M/T, Sub-Range S/T
Having undergone a steady downtrend until last year, EUR/USD came up against crucial support at a multi decade channel limit which currently stands at 1.0820/1.0782. Since then a pause is under way and the pair has been witnessing a broad range bound-configuration.
The upside has so far remained constricted by graphical levels of 1.1460/1.15 which has acted as resistance last May, October as well as in April this year.
On the other hand, February low of 1.0820/1.0782 has acted as crucial support. Medium term, these form wide limits for EUR/USD.
The pair could be evolving within a double bottom however so long as 1.1460/1.15 remains unchallenged; it could just be a phase of consolidation within the down move. Within aforementioned larger limits, short-term price action has remained intertwined within a sub-range which is defined by 1.1045/1.10 and 1.1350, the 61.8% retracement from May and an upward trend drawn since last November.
Post-Brexit, EUR/USD has been developing a choppy recovery along this line. A similar trend provided resistance earlier this year during February and May.
Very short term, the pair has pierced above recent highs and a mildly ascending channel on hourly chart (1.1250/1.1220 levels). However 1.1350 and more significantly 1.1460/1.15 will remain next critical hurdles. 1.1250/1.1220 provides immediate support. In case this gives way, the pair will drift towards the up sloping trend at 1.1130 and perhaps even 1.1045, with intermittent support levels at 1.1190.
The single currency marked a significant increase against the US dollar on Tuesday. The pair added 95 pips to a closing price of 1.1277. The pair is moving above the moving average and for further bullish continuation is needed breakthrough of 1.1286.
Yesterday the EURUSD rallied with a wide range 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 is trading well above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: a daily resistance at 1.1460, a 61.8% Fibonacci retracement at 1.1347 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1148 (support), and a daily support at 1.1097.