Eur/usd - page 473
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
French Unemployment Drops Below 10% in Q2
Unemployment in France edged down in the second quarter, managed to fall below the 10% rate, the lowest rate since the third quarter of 2012, data showed on Thursday.
The country's unemployment rate fell to 9.9% in the three months into June 31, compared to the revised 10.2% snatched in the first quarter, the National Institute of Statistics and Economic Studies (INSEE) reported.
Analysts had expected a slight downturn to 10.1% in the second quarter.
The euro registered a modest rise against the US dollar on Wednesday. After a volatile session the pair added only 11 pips. The session started at 1.1277 and the price rebounded from the resistance at 1.1286, but finally the pair broke the first resistance and closed at 1.1288. If the upward trend continues, we may expect a test of the next resistance at 1.1400.
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 in the short-term but in the mid-term stick with the bullish guns.
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 1.1168 (support), and a daily support at 1.1097.
EUR/USD: Euro Spikes to New 8-Wk High, Neglecting Solid US Data
The single currency was trading elevated against the greenback despite a set of upbeat labor market and factories data from the US, as the Federal Reserve's (Fed) meeting minutes influenced the market mood.
On Wednesday afternoon the Fed disappointed US dollar bulls by providing few clues for the next interest rate hike in 2016.
According to the minutes, US central bankers agreed to wait for more data and some Fed voters saw a rate increase warranted soon. However, the minutes unveiled caution over the upcoming pace of hiring, while inflation remained well below the Fed's target.
"The minutes paint a balanced picture and support the market's view, according to which the likelihood of a small rate step by the end of the year is not even 50 percent," said Antje Praefcke, currency strategist at Commerzbank. "The dollar will enter the weekend on a weak footing."
Therefore, the EUR/USD turned 0.43% higher to $1.1340, setting a fresh eight-week low and extending the sharp rebound from the two-month low of $1.0950 reached on July 25.
read more
German Finance Ministry - domestic economy in solid shape, external risks
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. However we might see a minor pullback today due to the strong resistance @ 1.1347 that might bring some Bears to the market.
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 1.1195 (support), and a daily support at 1.1097.
EUR/USD Declines From Channel Resistance
EUR/USD posted a high for the week ahead of the North American close on Thursday, and has been steadily declining as the US Dollar recovered. Friday’s decline has snapped a six-day winning streak in the pair.
The pair hit a high of 1.1366 on Thursday, and was seen moving lower into Asian trading. Ahead of the European open, a recovery attempt was made, but failed at the halfway point to Thursday’s high. A momentum-driven decline was seen in early European trading, but the momentum was not sustained as the pair fell into a range.
Producer price index figures were released from Germany earlier today, reporting a rise of 0.2% in July against an expected rise of 0.1% and a rise of 0.4% in the prior reading. The data caused a minor volatility following the release, but failed to move the exchange rate. The next data event that stands to impact the pair is on Tuesday, as a set of manufacturing and services PMI figures will be released from the Euro area.
On a weekly chart, the currency pair is seen breaking out of a seven-week range, and the pair is on track to close near highs for the week. Resistance seen on a weekly chart at 1.1331 reflects the weekly open ahead of the UK vote. Near-term support in the pair is seen at 1.1279 referencing highs from Wednesday as seen on a 4-hour chart. A rising trendline is in place from August 9 lows, and adds confluence to the support level seen at 1.1279. EUR/USD was last seen at 1.1317 for a decline of 0.3% on the day.
EUR/USD forecast for the week of August 22, 2016
The EUR/USD pair broke higher during the course of the week, clearing the 1.12 level significantly, and tested the 1.1350 level above. That is an area that I had anticipated being the target, once we broke out. We hit that area, and started to pull back a little bit so at this point in time I think that the market will probably try to pullback in order to build up enough momentum to break out to the upside. I still believe that this market is easier to trade off of the daily charts than the weekly charts though.