EUR/USD

Fundamentals are impacting EUR/USD today driving its price down today due to weakness in the European markets. Main support zone remains 1.1340, main resistance 1.1410.

rosentray posted:
Fundamentals are impacting EUR/USD today driving its price down today due to weakness in the European markets. Main support zone remains 1.1340, main resistance 1.1410.

You're right, the pair is still consolidating. I think the consolidation will continue until they announce the FOMC meeting minutes tomorrow.

Interesting levels to watch for:
Support: 1.1290; 1.1070; 1.0790;
Resistance: 1.1435; 1.1485; 1.1560.

The euro broke five-day winning streak on Monday, which retreated moderately to dollar to 1.1388. The session ranged in the final values 1.1412 and 1.1357. Currently EUR/USD continues to consolidate above the rising moving averages, but the relative strength index retreated from extreme levels. A likely target is the 1.1435 but break of 1.1355 will open the way for a test of 1.1290.

The pair found next support level around 1.133 zone while still trading in a narrow range.

From the current level on the EURUSD, the price may head in any direction, but the bullish trend is still in place and there could be a bullish breakout.

Yesterday EURUSD went back and forward without any clear direction again but this time with a wide range and closed in the middle of the daily range, in addition managed to close within the previous day range, suggesting lack of momentum plus indecision among the traders.

The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.

This lack of momentum is not strange with traders looking for some clues and guidance from the FOMC meeting minutes later today.

The key levels to watch are: A daily resistance at 1.1555, other daily resistance at 1.1456, the previous swing high at 1.1342 (support), the 10-day moving average at 1.1327 (support), and daily support at 1.1237.

The EUR/USD is trading at 1.1345 after making a high of 1.1437.9. The Euro seems poised to continue depreciating against the Dollar as first support zone is seen at 1.1320, while major support is 1.1240.

EUR/USD broke above 1.1400 but is currently testing the resistance at 1.1420 - 1.1430 and I think it will break above it once the FOMC meeting minutes get announced later today. I haven't opened new longs, however, not before the fundamentals.

Euro/dollar had another indecisive movement yesterday. Short-term expectations remain neutral. The longer the pair holds above 1.1335, the price is still in bullish phase for testing 1.1500. On the downside, a clear break and daily close below 1.1335 could trigger further bearish pressure testing 1.1250 or lower. The main technical outlook also remains neutral.

EUR/USD showed quite hesitant steps yesterday. Price slipped below 1.1335 but closed higher at 1.1397. In the short term the tune is neutral. Potential daily range is seen between 1.1500 - 1.1335.

Dovish Daghi sent the euro down like a rock at more than 70 pip from daily high.

Yesterday EURUSD went back and forward without any clear direction again with a wide range, creating an outside day and closed in the middle of the daily range, in addition managed to close within the previous day range, suggesting lack of momentum plus indecision among the traders.

The pair is trading 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 1.1555, other daily resistance at 1.1456, the 10-day moving average at 1.1357 (support), the previous swing high at 1.1342 (support) and daily support at 1.1237.

Same as last time EUR/USD first needs to clear 1.1425 and still not yet successful in its attempts.

EUR/USD is still testing the resistance at 1.1400 and oscillating between that level and 1.1350 despite the fundamentals yesterday. Hopefully today's speeches by Janet Yellen and Mario Draghi will provoke more volatility in the pair.

Further cuts not off the table in the ECB monetary accounts,

'[...]
Against this background, overall, members broadly supported a further cut in the deposit facility rate. With respect to the envisaged size of such a cut, the importance of communication and the link to the formulation of forward guidance was underlined. On the one hand, a sharper rate cut could be considered, together with indications that the effective lower bound would have been reached for all practical purposes.'

and

' It was argued that, from today’s perspective, and taking into account the support provided by the policy measures to growth and inflation, policy rates would be expected to remain at very low levels and that further rate reductions would not be anticipated at this stage. Nonetheless, the Governing Council would not rule out future cuts in policy rates, as new shocks could change the outlook for inflation, which might warrant further monetary policy action, with policy rates remaining part of the Governing Council’s toolbox.'

The EUR/USD is slightly to not changed in today's session after reaching major resistance at level of 1.1450. Low volumes are a signal for a change in trend and if this is case also, then we should see 1.1250 next week.

Slightly uplifted, the EUR/USD managed to climb above 1.1370. Lack of fresh news might drive prices down in tomorrow's session. First support zone remains 1.1320, second support zone is 1.1250.

Eur/Usd finally settled around 1.1370 level, back to the range between 1.1330 to 1.1460, there is still no indication for clear direction, short term consolidation movement is likely to continue for now.