Eur/usd - page 388
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On the last Friday’s session the EURUSD plunged with a wide range and closed well in the red, near the low of the day, in addition managed to close below the previous day low, suggesting a strong bearish momentum.
The pair closed below the 10 and the 50-day moving averages that now should act as a dynamic resistance.
The key levels to watch are: The previous swing high at 1.0975 (resistance), the 50-day moving average at 1.0882 (resistance), the 10-day moving average at 1.0864 (resistance) and the last swing low at 1.0779 (Support).
Euro Shines on Monday, Approaches $1.09 Personal income in the US for December stayed at 0.3%, while personal spending decreased to 0.0% from 0.5% previously.
In addition, the PCE price index (core) stayed at 1.4% year-on-year, but declined from 0.2% to 0.0% month-on-month.
The greenback remained notably lower against the euro after these figures and the EUR/USD pair was trading around $1.0880, having erased all Friday's gains (from the EUR/USD perspective).
Shortly after the data the manufacturing PMI for January is due, along with the ISM's manufacturing report, which is expected to tick higher from 48.2 to 48.5, with the prices paid subindex projected to improve from 33.5 to 35.0.
From the euro perspective, Germany's manufacturing PMI for January declined to 52.3 from 53.2, while the French gauge also decelerated to 50.0 from 51.4 previously, Eurostat advised on Monday. In addition, the Spanish manufacturing PMI improved to 55.4 from 53.0 in January, while the Italian index declined notably to 53.2 from 55.6 previously.
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EUR/USD once again touch the support line of the sideways range and form a reverse signal and rebounds inside the range. Now the Resistance level is tested I dont think there will be a break till Friday.
As i said last Friday, The EUR/USD made the touch down to star over to claim again to the weekly resistance at 1.0942. the resistance at 1.0916 was unbreakable til now.
The single currency added value against the dollar on Monday but remained in familiar territory. The euro rose by 55 pips to a closing price of 1.0887, although earlier in the day Mario Draghi reminded that it’s possible additional monetary stimulus by the ECB to be performed in March. Daily extremes EUR/USD reached 1.0911 respectively and 1.0814. Technical outlook for the pair remains neutral as it continues to consolidate.
Last week the EURUSD rose with a narrow range, creating an inside day and managed to close in the green near the high of the day, furthermore closed within the previous day range, suggesting a weak bullish momentum.
The pair closed above the 10-day moving average but shy below the 50-day moving average that continues to act as a dynamic resistance.
The key levels to watch are: The previous swing high at 1.0967 (resistance), the 50-day moving average at 1.0892 (resistance), the 10-day moving average at 1.0860 (support) and the last swing low at 1.0779 (Support).
EUR/USD: Euro in Slight Gain Above $1.09
The shared European currency crawled above the $1.09 handle on Tuesday, supported by its recent safe-haven appeal as a renewed slump in oil prices forced investors to run for safety. Moreover the US dollar softened overnight, dragged lower by weak US manufacturing data.
Although the European calendar offers several macro data including German and Italian unemployment figures, none of it is expected to have a broader impact on the currency.
The euro kicked off Tuesday's session above $1.09 in slight gains, adding 0.15% to $1.0903. It posted gains for a second straight session and moved further above its one week low of $1.0810 hit on Friday.
Yesterday's weak Chinese manufacturing PMI and the further undershoot in US data weighed on the market sentiment, while sharp falls in oil prices didn't help matters, although the demand for safe-havens increased.
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Finally EUR/USD is over the resistance line, I will wait for the close price for confirmation.
1.0977 will be the next target for the EUR/USD if itis broke above the 1.0938 today.
On yesterday’s session the euro continued to increase against the dollar for a second day and added 31 pips to a closing price of 1.0918. Extreme values for the session were reached respectively at 1.0939 and 1.0884. In view of the movement of the pair in range, the outlook remains neutral in the short term.