EURUSD analysis week 28
Updated
☘️The EUR/USD exchange rate fluctuated strongly after the US Nonfarm Payrolls (NFP) report was released mixed on Friday. The price is trading around 1,083 near the three-week peak.
☘️European industrial output fell more sharply than expected. EU-wide retail sales beat forecasts, coming in at 0.3% year-on-year versus an expected 0.1%, but still down from 0.6% previously.
☘️Yarn traders will pay attention to the appearance of Federal Reserve (Fed) Chairman Jerome Powell on Tuesday, followed by final inflation figures from both the EU and US on Thursday. Next Friday will close out next week with German Retail Sales, as well as US Producer Price Index (PPI) inflation and the University of Michigan's Consumer Sentiment Index survey results.
☘️GBPUSD has approached the 1.085 peak area, continuing to bring EURO back to being the world's leading currency. Momentum has shifted in favor of buyers as depicted by the Relative Strength Index (RSI) price increase. The nearest resistance level at 1,085 should prevent a surprise rally after the US data. If the price breaks through that level, the price will reach a recent two-month high around 1,090. On the other hand, if the sellers push the price down, the pair has many important support levels to maintain the stability of the uptrend first around the disputed 1,079 EMA support zone. If this support fails, the next demand zone will be the Break out of the sideway trend at 1.075.
Support: 1,085-1,089
Resistance: 1.079-1.075
Trading signals
SELL EURUSD zone 1.089-1.091 SL 1.093
BUY EURUSD zone 1.075-1.073 SL 1.071
☘️European industrial output fell more sharply than expected. EU-wide retail sales beat forecasts, coming in at 0.3% year-on-year versus an expected 0.1%, but still down from 0.6% previously.
☘️Yarn traders will pay attention to the appearance of Federal Reserve (Fed) Chairman Jerome Powell on Tuesday, followed by final inflation figures from both the EU and US on Thursday. Next Friday will close out next week with German Retail Sales, as well as US Producer Price Index (PPI) inflation and the University of Michigan's Consumer Sentiment Index survey results.
☘️GBPUSD has approached the 1.085 peak area, continuing to bring EURO back to being the world's leading currency. Momentum has shifted in favor of buyers as depicted by the Relative Strength Index (RSI) price increase. The nearest resistance level at 1,085 should prevent a surprise rally after the US data. If the price breaks through that level, the price will reach a recent two-month high around 1,090. On the other hand, if the sellers push the price down, the pair has many important support levels to maintain the stability of the uptrend first around the disputed 1,079 EMA support zone. If this support fails, the next demand zone will be the Break out of the sideway trend at 1.075.
Support: 1,085-1,089
Resistance: 1.079-1.075
Trading signals
SELL EURUSD zone 1.089-1.091 SL 1.093
BUY EURUSD zone 1.075-1.073 SL 1.071
Trade active
Note
EUR/USD recovers toward 1.0850 amid risk resetEUR/USD is attempting a bounce toward 1.0850 in the European session on Monday, as traders ignore France's election gridlock, lifting risk sentiment. Risk reset checks the renewed US Dollar upside. Downbeat EU Sentix data fails to deter Euro buyers
Note
Price reacted at the 1.085 resistance areaNote
EUR/USD trims gains and snaps seven-day win streak ahead of Fed policy updateEUR/USD stumbled on Monday after a muddled election outcome in France leaves policy guidance unclear for the Euro bloc. A coalition minority government win in France kept a financially-disastrous far right party out of the leadership race after a strong upset in earlier European Parliamentary elections.
Note
EUR/USD loses traction and approaches 1.0800 on Powell’s testimontyThe bid bias in the Greenback now intensifies and prompts EUR/USD to retreat further and trade closer to the 1.0800 zone as Chair Powell’s semi-annual testimonty to the Congress is under way.
Note
SELL EURUSD + 30 pips at Resistance
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