Eur/usd - page 500
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Yesterday the EURUSD went back and forward without any clear direction and closed in the red, in the middle of the daily range, furthermore closed within the Friday’s range, which suggests being clearly neutral, neither side is showing control.
The pair continues to trade well below the 10, 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.1097, the 10-day moving average at 1.0951 (resistance), a daily resistance at 1.0900 and a daily support at 1.0819.
EUR/USD Rallies on German IFO Index Release
EUR/USD was trading with an upside bias prior to this morning’s data release, and the better-than-expected German IFO business confidence index has helped boost the rally further. The pair is approaching the 1.09 handle, currently trading at 1.0887, up 0.13% over Monday’s N.Y. close.
The German IFO business confidence index strengthened to 110.5 for October from 109.5 the previous month and again exceeded market expectations of a marginal gain to 109.6. The current conditions index strengthened to 115.0 from 114.7, while the expectations index increased to 106.1 from 104.5 with both readings also above consensus forecasts. After two successive monthly gains, the latest IFO reading was the strongest since April 2014.
EUR/USD found a floor on Monday as the pair was supported by strong Eurozone manufacturing data. German PMI data strengthened in October to 55.1 from 54.3 in September and was the strongest reading in 33 months. The Markit French flash PMI manufacturing index strengthened to a 10-month high of 51.3 in October from 49.7 the previous month and was better than the expected figure of 50.2. The Eurozone October PMI manufacturing index rose to a 30-month high at 53.3 from 52.6 in September, above expectations for a reading at 52.7. The services-sector data was also above expectations with an increase to a nine-month high at 53.5 from 52.2, while the composite output index strengthened to a ten-month high.
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USD Eyes Multi-Year Highs But 1.08 In EUR/USD Set To Hold
Slowly but surely the USD is flexing its muscles once again. The greenback’s 25% rally from July 2014 to January this year was of course halted by an increasingly vocal Fed that during the first few months of this year became more aware and seemingly concerned about the consequent tightening of financial conditions from the currency’s gains.
The USD looks to be breaking higher again, last week popping above its multimonth range highs to sit around 2.5% below the January multi-year peak. The gains are broad-based as depicted by our USD/Major and USD/EM trade-weighted indices (see p.1, while the popular but EUR heavy DXY Index – which notched up two 12-year peaks just above the 100 level in 2015 (March and December) is also just 2% below said peaks.
We can cite the falling GBP, a slide in the EUR as well as a list of idiosyncratic weaknesses across EM like TRY, ZAR and THB as factors aiding the USD. The CNY, which has a dominant 21% weighting in US trade weighted indices has lost some 5% since April, when the broad USD halted its pullback. In addition a December Fed hike is pretty consistently priced around 75%, with the current data flow supportive of a move then.
The single currency marked close to neutral session against the US dollar on Tuesday. So the pair is again seen at Friday’s levels and continued to move within a narrow range. Support is located at 1.0849 and 1.0803. Resistance is seen at 1.1040 and 1.1094.
Yesterday the EURUSD went back and forward again without any clear direction but this time closed in the green, in the middle of the daily range, furthermore closed within the Friday’s range, which suggests being clearly neutral, neither side is showing control.
The pair continues to trade well below the 10, 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.1097, the 10-day moving average at 1.0934 (resistance), a daily resistance at 1.0900 and a daily support at 1.0819.
The euro registered a slight increase against the US dollar on Wednesday. The pair peaked at 1.0945, which is the highest value for the past week. But the rally didn’t last long and the price dropped toward 1.0850. Support is now located at 1.0849 and 1.0803. Resistance is placed at 1.1040 and 1.1094.
Yesterday the EURUSD tried to rally but found enough resistance at the 10-day moving average to give back to the market some of its gains and closed in the middle of the daily range, however managed to close above previous day high, which suggests a bullish momentum.
The pair continues to trade well below the 10, 50 and 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.1097, the 10-day moving average at 1.0927 (resistance), a daily support at 1.0900 and other daily support at 1.0819.