Eur/usd - page 493
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
The euro dropped against the dollar on Thursday. The Wednesday’s calm turned out to be temporary and thus the bearish sentiment played a starring role at this session. The single currency confirmed the negative expectations and the pair tested the support at 1.1122. Breaking trough it is very possible if the downward trend continues.
Yesterday the EURUSD fell sharply with a wide range and closed near the low of the day, in addition managed to close below the previous day low, which suggests a strong bearish momentum.
The pair is trading below the 10, 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a 50% Fibonacci retracement at 1.1264, a daily resistance at 1.1237, the 200-day moving average at 1.1202 (resistance), a Fibonacci retracement at 1.1181 (resistance), a daily support at 1.1097 and a 23.6% Fibonacci retracement at 1.1078.
Germany industrial production Aug mm SA +2.5% vs +1.0% exp
Germany August industrial production report 7 Oct
Germany trade balance Aug EUR +20.0bln vs +19.5bln prev
German August trade balance report 10 Oct
On the last Friday’s session the EURUSD initially fell hard but found enough support near 1.1097 to trim all its losses and closed near the high of the day, however it did not had enough strength to close above Thursday’s range, which suggests being slightly on the bullish side of neutral.
The pair closed below the 10, 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a 50% Fibonacci retracement at 1.1264, a daily resistance at 1.1237, the 200-day moving average at 1.1203 (resistance), a Fibonacci retracement at 1.1181 (resistance), a daily support at 1.1097 and a 23.6% Fibonacci retracement at 1.1078.
October 2016 Eurozone Sentix index 8.5 vs 6.3 exp
October 2016 Eurozone Sentix index
" The Eurozones's economy, according to investors, has now overcome the Brexit induced shock. However, the economy remains just on a moderate recovery path".
Deutsche Bank forced into rethink as strategy overhaul stutters: sources
Threatened with a multi-billion-dollar fine from U.S. regulators, Deutsche Bank's management is rethinking elements of its year-old strategic overhaul that has made faltering progress, people familiar with the matter said.
The organizational change, launched in October last year by the then new chief executive John Cryan, aimed to slash costs by cutting staff, overheads and selling off some non-core businesses at Germany's largest lender.
But a year on, with its staff numbers barely changed and little clarity on what the bank's long-term business model will look like, management is being forced to find ways to speed up its turnaround.
"There will be some tweaks, likely decided on this quarter," said one person familiar with thinking at the bank. "It will hit areas where the bank is making no money."
The need to adjust the flagging plan has been given added urgency following a U.S. demand to pay up to $14 billion for the misselling of toxic mortgage securities before the financial crisis.
Worries that a fine of that size would cripple Deutsche have sent its shares to a historic low, prompting speculation that the government could be forced to help a bank, whose returns have already slumped to zero.
Last week, Christine Lagarde, the head of the International Monetary Fund, took the unusual step of questioning the bank's business model, urging it to "decide what size it wants to have" after turbulent weeks in which its share price plunged.
Now management is re-examining the strategy that has also yet to convince many politicians in Berlin.
read more
EUR/USD: Watching The Daily Triangle For Breakout Signals
EUR/USD failure to stabilize above a projected E-wave target at 1.1347 (int. 61.8 %) seven weeks ago leaves EUR/USD at great risk of having completed a 1 ½ year old consolidation triangle with very negative implications.
Only a break above 1.1367 (August high) and ultimately above 1.1426/50 (pivot/int. 76.4 %) would constitute a game change in favor of a re-test of former highs at 1.1617 and at 1.1712 with the option to extend to the classical wave IV target on big scale at 1.1811 (int. 38.2 % on highest scale).
So considering the classical overshooting at 76.4 % retracements it would most likely take a break above the 1.1500 handle to eliminate the imminent sell-off risk. It would take breaks above 1.1876 and 1.2042 (2010 & 2012 lows) though to call for a long-term trend reversal.
In the short.-run we are now watching the daily triangle between 1.1313 and 1.1056 closely as a breakout would provide an early indication whether we are dealing with a stronger recovery or with the potential resumption of the downtrend.
A decisive hourly close above 1.1347 (i.e. above 1.1370) would thereafter bring 1.1426/50 (pivot/int. 76.4 %) and possibly former highs at 1.1617 and 1.1712 back into focus whereas breaks below 1.1056/49 (daily triangle/minor 76.4 %) would challenge the essential countertrend decline target zone between 1.0782 and 1.0710 (int. 76.4 % on higher scale/pivot).
It would take a break below the latter though to confirm the resumption of the long-term downtrend in favor of an extension to 1.0072 (76.4 % of the 2000-2008 rally) and to wave 3 projections between 0.9652 and 0.9298.
source