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EUR/USD fails to bypass 1.1880EUR/USD fails to bypass 1.1880 The first trading day after Christmas the currency exchange rate started in a resistance zone located between the 1.1865 and 1.1876 levels. Because of an empty economic calendar and decreased liquidity the pair is likely to continue moving horizontally. In short the term, the rising 55- and 100-hour SMAs most probably will stimulate the rise of the Euro against the Dollar. However, in larger perspective the exchange rate is expected to keep moving downwards due to inability to bypass the 61.8% Fibonacci retracement level located at the 1.1887 mark. In support of this assumption, 54% of pending orders in 100-pip range are set to buy, while the aggregate market sentiment is 67% bearish.
by UnknownUnicorn890690
EUR/USD surges to 1.1850EUR/USD surges to 1.1850 Despite the fact that tax bill passed through the House, the currency exchange rate continued to move upwards and ended the day in the previously specified resistance zone located around the 1.1845 level. The further advance of Euro is possible, even though it is unlikely to exceed the 1.1860 mark, as this area represents location of the upper-boundary of a one-month long descending channel. A plunge below the monthly PP at 1.1806 is also doubtful, as it is additionally secured by the rising 55-, 100- and 200-hour SMAs. On the other hand, there is a need to take into account that there are scheduled no fundamental events for today except for the final vote in Senate. Unless the Congress sorts this issue out the fall of the rate may not even exceed the 50% Fibonacci retracement level at 1.1825.
by UnknownUnicorn890690
EUR/USD plunges amid tax reform progressEUR/USD plunges amid tax reform progress Due to bearish pressure exercised by the 55-, 100- and 200-hour SMAs the currency exchange rate ended previous trading session below the 38.2% Fibonacci retracement level at 1.1760. In result of this movement, the pair broke through the bottom boundaries of two junior ascending channels. Despite the minor recovery of Euro the downward movement is expected to continue, being mainly driven by optimism surrounding tax reform. From technical perspective, the surge of the Euro should be neutralized by a combination of the above moving averages together with the updated weekly PP at 1.1777. In case these barriers are broken, the rate would still have another resistance line set up by the monthly PP at 1.1807. The opposite side, in contrast, is does not contain any notably obstacles up until support zone located between the 1.1730 and 1.1722 levels.
by UnknownUnicorn890690
EUR/USD jumps by 44 points amid rate hikeEUR/USD jumps by 44 points amid rate hike As the currency rate was falling the last three weeks in a row, traders used the Federal Funds Rate hike to sell the Dollar and elevate the pair to the 1.1844 level. As long as market sentiment remains predominantly bearish the rate is expected to continue moving in southern direction. As for today, a deep plunge back to 1.1776 seems unlikely, as this road is obstructed by the weekly and monthly PP as well as the 200-hour SMA. From this perspective, the pair most probably will make another rebound and resume the upward movement towards the upper boundary of a medium-term descending channel. However, there is a need to take into account an effect from today’s ECB meeting and American data release, which are likely to alter the above scenario.
by UnknownUnicorn890690
1
EUR/USD moves towards 1.1795EUR/USD moves towards 1.1795 New trading week the currency exchange rate started in a movement towards combined resistance level formed by the weekly PP and the slipping 100-hour SMA. Such recovery of the Euro was triggered by a rebound from support zone located between the 1.1730 and 1.1722 levels. In addition to that, depreciation of the buck signified a breakout from the falling wedge formation. In first half of this trading session the pair is expected to continue moving upwards until it reaches an area near the 1.1795 mark. The further surge is unlikely due to additional resistance posed by the monthly PP at 1.1806 and the upper boundary of a junior descending channel.
by UnknownUnicorn890690
EUR/USD sneaks below monthly PPEUR/USD sneaks below monthly PP As it was projected yesterday, an attempt of the currency exchange rate to reach the 1.1866 level was neutralized by the slipping 55-hour SMA. Accordingly, the Dollar continued to appreciate against the Euro. The only difference is that this downward movement led to transformation of a descending channel into the falling wedge formation. The new pattern presupposes an upcoming rebound, which might happen once the pair will reach the 38.2% Fibonacci retracement level located at 1.1760. However, even in case this scenario materializes the surge might not last for long due to pressure of three moving averages. In addition to that, the northern side is covered by the support-turned-resistance monthly PP at 1.1806. There is also a need to take into account the fundamental factor, which might break the pattern and continue pushing the pair to the bottom.
by UnknownUnicorn890690
EUR/USD starts new week at 1.1870EUR/USD starts new week at 1.1870 On Friday, the pair fluctuated quite intensively amid contradicting reports that the US Senate is ready to vote for tax reform, while General Flynn pledged guilty to lying to the FBI. Despite that an anticipated resistance at 1.1936 and the 200-hour SMA at 1.1860 managed to retain the rate. As a result, it is still fluctuating in a junior ascending channel and is about to clash with the upper boundary of a dominant descending channel. As for today, the pair started new trading week in a limbo between the 100- and 200-hour SMAs. Although the upper side is additionally filled with the 55-hour SMA at 1.1884, the 61.8% Fibonacci retracement level at 1.1887 and the weekly PP at 1.1890, the Euro is still projected to pave the path to the north. However, this assumption holds true unless traders interpreted Friday’s plunge as a rebound from larger pattern.
by UnknownUnicorn890690
EUR/USD falls to 1.1836 amid progress on tax reformEUR/USD falls to 1.1836 amid progress on tax reform In line with forecasts, an improvement in consumers’ sentiment dragged the pair to the weekly PP at 1.1864, while the subsequent news that two hesitating senators agreed to join other Republicans to support tax reform pushed the pair even further to the monthly R1 at 1.1826. As this barrier is located slightly above the bottom boundary of an ascending channel and is additionally supported by the 200-hour SMA, the pair is expected to make a fully-fledged rebound and start surging back to the 1.1910 and then 1.1960 levels. However, a resistance posed by the weekly PP as well as concentration of the 55- and 100-hour SMAs near the 61.8% retracement level at 1.1890 suggests that the rate is likely to make one more turnaround especially if it matches with release of info on the US Prelim GDP.
by UnknownUnicorn890690
EUR/USD climbs to 1.1940 and ready to move forwardsEUR/USD climbs to 1.1940 and ready to move forwards Even though the Euro climbed more sharply than expected amid the news that Angela Merkel agreed to form large coalition with the Social Democrats, the movement remained in line with general expectations. As long as the pair stays within the medium-term ascending channel that is backed up by the rising 55-, 100- and 200-hour SMAs, it is likely to continue advancing against the Dollar towards the 1.2000 mark that represents an intersection of the pattern’s upper boundary and the monthly R2. In shorter perspective bears might try to gain a momentum, although the plunge is unlikely to exceed the 1.1870 level, as this area is secured by the 61.8% Fibonacci retracement level, one of the above MAs and the weekly PP. However, the red scenario is unlikely due to formation of a minor pennant pattern, which presupposes further surge.
by UnknownUnicorn890690
EUR/USD falls as Merkel fails to form coalitionEUR/USD falls as Merkel fails to form coalition As the currency pair did not have any fundamental background that could justify a rapid move, it finished the week near the 55-hour SMA. However, in early hours of the new trading session it broke though combined support set up by the 38.2% Fibonacci retracement level and the weekly PP and approached the bottom boundary of a three-week long ascending channel. The reason for such sudden fall was based on news about Merkel’s failure to form a three-party coalition. Nevertheless, such weakening of the Euro is expected to have limited effect, as the above lower support line is additionally secured by the 200-hour SMA and the monthly PP located at the psychological 1.1700 level. At the same time, the rebound is unlikely to proceed above the 1.1760 mark especially when this area will become protected by the falling 55- and 100-hour SMAs.
by UnknownUnicorn890690
EUR/USD halts surge amid US inflation data EUR/USD halts surge amid US inflation data In first half of the previous trading session the Euro continued to rapidly advance against the Dollar and practically reached the 1.1850 mark. However, the subsequent release of the American inflation and retail sales data that matched with analysts’ expectations returned the pair back to the 55-hour SMA near the 1.1780 level. As this moving average is additionally backed up by a combination of the 38.2% Fibonacci retracement level and the weekly R2, there is a little chance that the pair will manage to break to the bottom without proper impulse. The same applies for opposite direction, which is secured by the 50% retracement level and the monthly R1. So, this trading session the pair is likely to spend moving horizontally between these barriers unless the US manufacturing and jobs data will cause some notable price movements.
by UnknownUnicorn890690
EUR/USD starts new week near 1.1660EUR/USD starts new week near 1.1660 Despite a positive perception of ideas expressed by the US President Donald Trump at the ASEAN summit the Dollar is continuing to lose value against the Euro in a one-week long ascending channel. Although the pattern is supported by the rising 55-, 100- and 200-hour SMAs, the upcoming rebound from the 23.6% Fibonacci retracement level at 1.1679 is likely to lead to breakout to the south. This assumption is additionally backed up by the average market sentiment, which is 63% bearish. Moreover, there is a need to take into account that today there are scheduled no fundamental events that might give the pair an impulse strong enough to bypass the above resistance, which has been managing to turnaround the rate for the last two weeks.
by UnknownUnicorn890690
EUR/USD trades near 1.16 amid Chinese data releaseEUR/USD trades near 1.16 amid Chinese data release In line with expectations, the currency exchange rate continued to move in southern direction under pressure from the 55-hour SMA. A short dip below the weekly S1 located at the 1.1573 level as well as the subsequent recovery signified two confirmation points, thus confirming existence of a fully-fledged junior descending channel. As the upper-trend line of the pattern is additionally protected by the slipping 100- and 200-hour SMAs, the pair is not expected to make a sudden breakout to the north. Accordingly, today the exchange rate is expected to test an area near the 1.1555 mark, which might represent a notable support barrier. The average market sentiment, which remains 58% bearish, confirms this general direction. However, the above assumption might be altered due to beginning of Trump visit to China.
by UnknownUnicorn890690
EUR/USD falls to 1.16 amid surprising US data EUR/USD falls to 1.16 amid surprising US data A release of better that expected data on the US ISM Non-Manufacturing PMI led to sharp appreciation of the buck against the common European currency and resulted in a breakout from two junior ascending channels. An active recovery of the exchange rate seems unlikely, as the northern is contains a bunch of technical indicators, such as the weekly PP at 1.1631 and the falling 55- and 100-hour SMAs. Moreover, there is a slope on a daily chart that is likely to serve as an additional barrier. For this reason, the pair is expected to gradually slip to the bottom towards support area near the 1.1580 mark. However, for now the rate is squeezed between two vises at 1.1625 and 1.1600 and might continue this horizontal movement until catching a proper momentum.
by UnknownUnicorn890690
EUR/USD starts new week near 1.1614EUR/USD starts new week near 1.1614 In result of the previous trading session, the currency exchange rate slipped through the updated 23.6% Fibonacci retracement level at 1.1679 and, in essence, made a rebound from the bottom trend-line of a dominant descending channel. Due to absence of any fundamental data releases, bulls are likely to try to return the rate back to 1.1643, at minimum. However, the further recovery of the Euro seems unlikely because of a combined resistance formed by the monthly S1 at 1.1658, the weekly PP at 1.1674 and the falling 55-hour SMA. The southern side, in contrast, remains barrier-free. In addition to that, there is couple of fundamental factors that incite further appreciation of the Dollar, such as Donald Trump’s tax reform and possible nomination of John Taylor, as the Fed chair.
by UnknownUnicorn890690
1
EUR/USD anticipates ECB meetingMorning outlook - EUR/USD anticipates ECB meeting Despite a release of better than expected US purchase orders data the currency rate did not manage to bypass the 55-hour SMA and soared in the opposite direction. The main drivers that pushed and are continuing to push the pair to the top are expectations on the upcoming ECB meeting. On the one hand, the currency rate faces two notable resistance levels near 1.1835 and 1.1850. The first one represents an upper trend-line of an alleged descending triangle, while the second one represents an upper boundary of a large descending channel. However, if the central bankers’ meeting produces a decision about cutback of the quantitative easing program the Euro might easily break through these barriers and reach the 1.1900 mark.
by UnknownUnicorn890690
EUR/USD trades near 1.1760Morning outlook - EUR/USD trades near 1.1760 Due to anticipation of the ECB meeting as well as referendum on extension of autonomy in Lombardy and Veneto regions the common European currency slipped against the Dollar to the 1.7520 mark. As the northern side is protected by a combination of the 100-hour SMA and the weekly PP plus the 55- and 200-hour SMAs, the pair is expected to continue to move to the bottom towards the bottom boundary of an alleged three-week long ascending channel that is located a little bit above the updated weekly PP at 1.1722. The general strengthening of the Greenback is also supported by the average market sentiment, which is 59% bearish. As there are no data releases planned for today, the pair should not make any unexpected and sharp moves.
by UnknownUnicorn890690
EUR/USD breaks through 200-hour SMAMorning outlook - EUR/USD breaks through 200-hour SMA In accordance with expectations, the Dollar continued to gain value against the common European currency, experiencing pressure from the 55-, 100- and 200-hour SMAs as well as the weekly PP. Despite the fact that the pair failed to pass through the weekly S1 at 1.1735 from the first attempt, it is still expected to move in the southern direction, trying to reach the 100% Fibonacci retracement level at 1.1715. This scenario is supported not only by the average market sentiment, which remains 57% bearish, but also by an aggregate of technical indicators, which sends strong sell signal for this trading session. The only event than might add some volatility in the markets and lead to short-term recovery of the Euro are opening remarks that will be delivered by Mr. Draghi at the ECB conference.
by UnknownUnicorn890690
EUR/USD starts trading near weekly PP at 1.1810Morning outlook - EUR/USD starts trading near weekly PP at 1.1810 In line with expectations, the currency pair continued to move horizontally in anticipation of release of information about the US CPI. Although the data appeared to be worse than expected, the rate failed to surge above the monthly PP at 1.1875. As a result, new trading week it started at the updated weekly PP at 1.1810, being squeezed between the 55- and 100-hour SMAs from the top and the 200-hour SMA from the bottom. This fact suggests that despite that the average market sentiment is predominantly bearish, the pair is likely to fail to pass through the 1.1783 mark in one go. However, since the pair has recently made a breakout from the rising wedge, in general, it is expected to stick with the southern direction.
by UnknownUnicorn890690
EUR/USD BUY STOP - 16/10/2017 The Euro tested the local maximum and after a creation of the new resistance 1.1870 the price fell down quite sharp. But even despite such a fall, we should note that the growth of the price was on large volume, while the correction of the pair down was on small one. Besides it, the price came out form the consolidation earlier last week, which is a good bullish momentum. That’s why it is worth considering the scenario of the breakout of the resistance and opening long positions.The breakout move should be abrupt and supported by large volume in order to avoid fake breakout and to get an accurate entry point. A stop loss should be placed below the breakout volume bar. A potential of the deal is up to 110 points. The bottom line: long positions after a sure breakout of the resistance
Long
by trustbrokergroup
EUR/USD breaks upwardsMorning outlook - EUR/USD breaks upwards In result of a decrease of the American unemployment rate, traders tried to push the pair through the bottom trend-line of a large falling wedge pattern. However, it made a rebound and in the early Monday morning left the formation in the northern direction. The surge was not sharp, as the pair still needs to cross a combination of the upper edge of a junior descending channel and the 200-hour SMA. In addition to that, it stuck near the updated weekly PP at 1.1740 that is backed up by the 100-hour SMA. These obstacles as well as the Friday’s jump by 34 basis points just in hour suggest that the rate is likely to retreat for some time. An aggregate of technical indicators support this scenario. In addition to that, market sentiment remains 57% bearish.
by UnknownUnicorn890690
EUR/USD moves near 55-, 100-hour SMAsMorning outlook - EUR/USD moves near 55-, 100-hour SMAs In general, the pair continued to move horizontally between the 200-day SMA and the 100% Fibonacci retracement level, as expected. Unfortunately, none of the yesterday’s events caused any significant volatility in the markets. From technical perspective, it seems that movement of the pair was mainly constrained by the 55- and 100-hour SMAs that helped to form a minor ascending channel, which is lying perpendicularly to larger descending channel. In the first half of the day, the rate is expected to try to break through the upper trend line of the above pattern, which is backed up by the 200-hour SMA. If a rebound from the retracement level meant the beginning of a new medium-term uptrend, then the pair should eventually bypass this resistance. Otherwise, a rebound is going to follow, in accordance with the current downtrend.
by UnknownUnicorn890690