Eur/usd - page 502
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On the last Friday’s session the EURUSD rallied with a wide range and closed near the high of the day, also managed to close above Thursday’s high, which suggests a strong bullish momentum.
The pair closed above the 10-day moving average that should act as a dynamic support however the currency pair continues to trade well below the 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: daily resistance at 1.1097, previous swing high at 1.1039 (resistance), the 10-day moving average at 1.0919 (support), a daily support at 1.0900 and other daily support at 1.0819.
EUR/USD Consolidates: Dollar Positive News Already Priced In
The Euro retreated from Friday’s highs in Europe on Monday as the immediate political scare surrounding Clinton faded slightly, although there was some EUR/USD support below 1.0950.
The latest COT positioning data recorded an increase in net long non-commercial positions to the highest level since late January with a fifth successive increase in long positions. This positioning bias will maintain the risk of a sharp dollar correction weaker, especially given the risk that many long dollar positions may have entered at relatively unfavourable levels. The net short Euro position also increased to the highest level since late January, maintaining the risk of a short squeeze.
Monday’s economic data had little impact with Eurozone headline annual inflation edging higher to 0.5% from 0.4%, but the core rate held steady at 0.8%. The data was in line with market expectations and the 0.3% increase in third-quarter GDP also met consensus forecasts.
US core PCE price data was in line with expectations as the annual rate held at 1.7%. The headline Chicago PMI index was weaker than expected at a five-month low of 50.6, but there was an increase in the inflation reading.
EUR/USD nudged higher late in Europe with a slight dollar dip into the London fix, although overall moves were limited.
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Yesterday the EURUSD initially fell but found enough buying pressure around last Thursday high to reverse and closed near the high of the day, furthermore managed to close within previous day range, which suggests being on the bullish side of neutral.
The pair is trading above the 10-day moving average that should act as a dynamic support however the currency pair continues to trade well below the 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: daily resistance at 1.1097, previous swing high at 1.1039 (resistance), the 10-day moving average at 1.0919 (support), a daily support at 1.0900 and other daily support at 1.0819.
EUR/USD Sees Correction: The Euro Dollar Exchange Rate Firms Ahead Of FED Rate Freeze
Despite the EU-Canada free-trade deal having been officially signed, Euro (EUR) exchange rates have been on rather muted form, although domestic worries have also weighed on the softened US Dollar
The Fed is set to make its monthly interest rate decision tomorrow evening, though this may be a low-impact affair.
During trading today, the Euro has managed a rally against the US Dollar; the USD has conversely been weakened by ongoing uncertainty about the US election outcome.
The next major US announcement will be Wednesday evening’s Fed interest rate decision, which has been largely forecast by up to 90% to result in another rate freeze at 0.5%.
The Euro (EUR) struggled to particularly capitalise on the finalised Eurozone Consumer Price Index and GDP data at the start of the week, despite both being in line with forecast.
Demand for the single currency remained hampered by market expectations that the European Central Bank (ECB) will opt for an extension of its quantitative easing program in December, given that inflation remains a long way shy of the 2% target.
Even so, rising political worries surrounding the US presidential election allowed the Euro to US Dollar (EUR/USD) exchange rate to start regaining its losses.
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EUR/USD marked significant growth during yesterday's session and recovered from Moday’s losses. . The euro gained 80 pips to a two-week high of 1.1056. The results from the election polls in US were the main markets mover for the pair. Technicallt the bullish attitudes prerevail with next tartget 1.1105. Support it placed at 1.0990 and lower at 1.0945. Resistance is located at 1.1105 and 1.1190.
Yesterday the EURUSD rallied with a wide range and closed near the high of the day, furthermore managed to close above previous day range, which suggests a strong bullish momentum.
The pair is trading above the 10-day moving average that should act as a dynamic support however the currency pair continues to trade below the 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: the 50-day moving average at 1.1114 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.0932 (support), a daily support at 1.0900 and October low at 1.0851.