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"EUR/USD Dips Below 1.1100 Amid Year-End Volatility"EUR/USD faced challenging retracements on Thursday as thin holiday trading stirred volatility around the final trading day of 2023. The Euro (EUR) swiftly climbed to a 21-week high of 1.1140 early on Thursday as broader markets continued to shed the US Dollar (USD) on expectations of a rate cut from the Federal Reserve. However, market over-expectations regarding the Fed's structural pivot played out well before today, and the uptick in the 7-year US Treasury yields triggered a retreat to the safe-haven USD, pushing riskier assets like the Euro back into the red on the last trading day of 2023. Initial US unemployment claims for the week ending December 22 also rose, indicating 218 thousand new claims compared to the previous week's adjusted 206 thousand. Additionally, pending home sales in the US for November fell short of market expectations, holding at 0.0% and missing the market forecast of a 1.0% recovery from October's adjusted -1.5% decline. As the year concludes, the EUR/USD forex pair grapples with market dynamics influenced by shifting expectations, economic data, and ongoing global uncertainties. Traders are closely monitoring these factors as they navigate the currency markets in anticipation of the new year.
by Larissa-Trader
EUR/USD Eyes 1.1200: Technical Momentum Fueled by Dovish Fed ExpEUR/USD Eyes 1.1200: Technical Momentum Fueled by Dovish Fed Expectations In a striking ascent, the EUR/USD pair is surging towards the major resistance at the 1.1150 level, signaling a bullish momentum that aims to breach the psychological threshold of 1.1200. The Euro (EUR) maintains its winning streak, gaining ground against the subdued US Dollar (USD). This favorable trend is largely attributed to the anticipated dovish stance of the US Federal Reserve (Fed) concerning the future trajectory of interest rates. Dovish Fed Expectations: Building on our previous analysis, the EUR's upward trajectory appears to be continuing, supported by a combination of factors. The market sentiment is influenced by the expectation that the Federal Reserve (Fed) may adopt a dovish stance on interest rates in the coming year. With US yields trending lower and market participants anticipating rate cuts, the US Dollar faces headwinds. Concurrently, equity prices remain near recent highs, contributing to the sustained pressure on the US Dollar, particularly in the context of holiday-thinned trading. Upcoming Data and Holiday Impact: Amid the holiday season, Wednesday saw no significant reports, setting the stage for Thursday's focus on the US weekly Jobless Claims. Additionally, attention will be directed towards Spain's preliminary inflation figures for December, set to be released on Friday. Looking Ahead: As the year 2023 draws to a close, the calm waters in the market continue to weigh on the US Dollar, offering further support to the EUR/USD pair's upward momentum. However, as markets transition back to normal functioning in the upcoming week, the focus will shift to crucial US employment data. The outcome of these economic indicators could potentially shape the currency landscape as the new year unfolds. The EUR/USD pair's bullish trajectory towards 1.1200 is a testament to the prevailing market sentiment, driven by expectations of a dovish Federal Reserve. As the year concludes, the subdued US Dollar faces challenges, with the EUR maintaining its winning streak. Traders and investors will closely monitor upcoming economic data and the return to normal market conditions in the new year, as they seek to navigate the evolving dynamics of the currency markets. Our preference Long positions above 1.09500 with targets at 1.1150 & 1.1200 in extension.
Long
by FOREXN1
5
EUR/USD Holds Above 1.1100, Eyes US Employment Data EUR/USD extends its upward momentum beyond the psychological level of 1.1100 during the Asian session on Thursday. The US dollar's overall weakness provides some support for the major currency pair, despite the rebound in US Treasury bond yields. Attention is now focused on mid-range US employment data. EUR/USD has confirmed the breakthrough above 1.1000 and quickly reached the 1.1100 mark. The pair peaked at 1.1122 before retracing modestly. The upward trend persists, although technical indicators are overbought across most timeframes. The trend remains strong and resilient, though some consolidation seems likely. On the 4-hour chart, the trend is bullish. However, technical signals suggest some accumulation may occur ahead of the Asian trading session, potentially ranging between 1.1110 and 1.1080. The 1.1050 region has become a relevant support area, followed by the 20-period Simple Moving Average (SMA) at 1.1030. Below 1.0980, the short-term trend may turn neutral. Corrections could be viewed as buying opportunities, keeping downsides limited.
by Larissa-Trader
EUR/USD Holds Above 1.1100 Despite Overbought SignalsEUR/USD extended its rise above 1.1100 in the Asian session on Thursday, supported by a weaker US dollar. Despite overbought technical indicators, the pair confirmed the breakthrough above 1.1000. The upward trend remains strong, with potential consolidation between 1.1110 and 1.1080. Key support lies at 1.1050, followed by the 20-period SMA at 1.1030. Corrections may present buying opportunities, with downside risks limited below 1.0980.
by AdmamTrade
EUR/USD Analysis: Post-Christmas InsightsOur technical outlook for EUR/USD remains unchanged as we await shifts in performance, likely to occur with the return of investors and market activity post the holiday season. Currently, examining the daily chart, there's a discernible upward trend in the pair's performance, holding steady around and above the psychological resistance level of 1.1000. If the weakness in the US dollar persists, the currency pair may find opportunities for further recovery. From a technical standpoint, the immediate resistance levels are at 1.1065 and 1.1120. Beyond these levels, technical indicators may start leaning towards overbought conditions. Conversely, within the same timeframe, a retracement to the support level of 1.0880 is crucial for the bearish camp to regain control and disrupt the current upward momentum. Stay tuned for market developments as we navigate the dynamics in the post-holiday trading environment.
by Larissa-Trader
AUD Falls from Yearly Highs Amidst US Core PCE Data ReleaseThe Australian Dollar experienced a notable surge as the US Dollar dipped close to its monthly lows. The Reserve Bank of Australia will assess additional data to shape future monetary policy decisions. Softened data from the US reinforces expectations of the Fed easing monetary policy in early 2024, with Q3 annual GDP and QoQ core PCE dropping by 4.9% and 2.0%, respectively. The Australian Dollar is currently trading below the psychological resistance level at 0.6800, having peaked at 0.6802 on Friday. Widely shared bullish sentiment suggests the potential for the AUD/USD pair to surpass recent highs and target a significant resistance level at 0.6850. On the flip side, key support levels are identified at 0.6750, ahead of the seven-day Exponential Moving Average (EMA) at 0.6740. A breach below this crucial support zone may guide the AUD/USD pair towards the psychological support at 0.6700, followed by the 23.6% Fibonacci retracement level at 0.6679.
by Larissa-Trader
1
Positive Outlook for EUR/USD in the Coming YearThe swifter interest rate cuts in the United States compared to elsewhere signal a more pronounced weakening of the dollar. The U.S. interest rate reductions are also expected to bolster the global economy, commodity and energy prices, as well as risk sentiment. Consequently, risk-sensitive currencies like NOK and SEK are anticipated to perform well in the near future. However, there are numerous uncertainties on the horizon, including underlying government debt issues, the U.S. Presidential election, and geopolitical challenges. Many of these factors could potentially strengthen the USD beyond our initial predictions.
by AdmamTrade
2
EUR/USD Rises Above 1.1000 Amid Dollar Weakness and ECB SupportThe EUR/USD pair shows modest gains, reaching its highest level in four months during the early hours of Asian trading on Friday. The weakened U.S. dollar and the European Central Bank's hawkish stance have bolstered this currency pair. Trading around 1.1008, the main currency pair has increased by 0.05% for the day. The EUR/USD rate is poised to close at its highest daily level since early August on Thursday but still remains below the psychological 1.1000 level. From a technical perspective, breaking above 1.1000 could open the door for further upward movement. However, considering current market conditions, the timing for a breakout may not be ideal for Euro bulls. Technical indicators on the daily chart lean towards an upward bias, indicating a potential breakout. The Euro's prospects will weaken with a daily close below 1.0870. On the 4-hour chart, technical indicators do not align with the daily chart's upward movement. The Relative Strength Index (RSI) is sideways and poised to turn downward, momentum is weak, and the Moving Average Convergence Divergence (MACD) does not provide clear signals. However, the price remains above the 20-period Simple Moving Average (SMA). As long as it stays above 1.0950, the odds favor the 1.1000 breakout. A dip below that level would weaken the Euro in the short term, indicating the next support level at 1.0910. EUR/USD rose on Thursday towards the 1.1000 level, driven by the dollar's recent weakness, despite higher bond yields. Contradictory economic data from the U.S. precedes crucial consumer inflation data scheduled for Friday. U.S. data reveals a decline in the Philly Fed Index, a revised Q3 GDP decrease from 5.2% to 4.9%, and Initial Jobless Claims showing little change from the previous week. On Friday, the preferred inflation measure of the Federal Reserve, the Core Personal Consumption Expenditures (Core PCE) Index, is due, with an expected 0.2% increase for November. Market participants will closely scrutinize U.S. inflation figures, which could impact the U.S. dollar, currently under pressure despite a rebound in U.S. yields. The 10-year Treasury bond yield rose from recent lows to 3.90%. EUR/USD continues to benefit from a weaker U.S. dollar, but the upward momentum seems restricted in thin market conditions.
by Larissa-Trader
2
EUR/USD Holds Steady Above 1.1000 Amidst US GDP Data and..EUR/USD Holds Steady Above 1.1000 Amidst US GDP Data and Upcoming Core PCE Report The EUR/USD pair maintains its positive stance, firmly holding ground above the psychological mark of 1.1000 as it reaches its highest level in four months during the early Asian trading hours on Friday. The pair's trajectory aligns with our previous forecast, where the price successfully reached the initial take profit at 1.10100. Key Market Movements: EUR/USD is currently trading around 1.1008, marking a modest 0.05% gain for the day. The pair continues to follow a bullish uptrend, supported by positive momentum and favorable technical signals. US GDP Growth Data: The US GDP growth number for Q3 expanded by 4.9%, slightly below the market's estimation of 5.2%. This data influenced the market dynamics but did not deter the EUR/USD's upward trajectory. Upcoming Focus on US Core PCE Report: Investors are eagerly anticipating the release of November’s US Core Personal Consumption Expenditure Price Index (Core PCE) on Friday. Projections suggest a 0.2% month-on-month (MoM) rise and a 3.3% year-on-year (YoY) increase. This data is expected to impact the pair's movements as traders assess the inflationary landscape. ECB Statements and Market Sentiment: European Central Bank (ECB) Vice President Luis de Guindos emphasized that it is premature for monetary policy to ease, expressing confidence in avoiding a technical recession in the Eurozone. ECB Governing Council member Martins Kazaks indicated that the central bank intends to maintain current interest rates for an extended period, potentially pushing back the expected rate cut to mid-2024. Technical Outlook and Targets: The EUR/USD pair's bullish trend is evident in higher timeframes, presenting potential for a further uptrend. Our second take profit target remains at 1.11500, providing an optimistic outlook for continued bullish momentum. As the EUR/USD pair navigates key economic data releases and central bank statements, traders are advised to monitor developments closely, considering potential shifts in market sentiment and the impact on the pair's trajectory. Our preference Long positions above 1.08600 with targets at 1.10650 & 1.1150 in extension.
Long
by FOREXN1
1
EURUSD Short Corrective ABC wave @ 4HR Timeframe.EURUSD Short Corrective ABC wave for few pips. In this trade entry was took at 1.09237, TP1 @ 1.09523, TP2 @ 1.09636. SL 1.09033. We can trail the stop according to the ADR levels. After this short correction, we can expect the another correction for downside. Note: EURUSD is Bullish Long on Daily, Weekly, Monthly as per my analysis. Kindly, note this analysis is for educational purpose only. Trading is the Subject to the market risk. Trade safely.. Happy Trading.
Long
by JagadishSinghR
EUR/USD Bounces Back: Technical Analysis Points to a Potential..EUR/USD Bounces Back: Technical Analysis Points to a Potential Long Setup EUR/USD started the new week on an upward trajectory, recovering from Friday's pullback that saw it closing the week with over 1% gains. The currency pair is currently hovering around 1.0920, demonstrating resilience and aiming for further upside. From a technical perspective, the price has retraced to the crucial 38% and 50% Fibonacci levels from the previous swing, finding support within a bullish channel in the H4 timeframe and maintaining position above the 50-day Moving Average. These indicators suggest a favorable setup for a new long position, aligning with the overarching bullish trend within the channel. The Hawkish comments from New York Federal Reserve (Fed) President played a role in supporting the US Dollar, preventing a deeper pullback in EUR/USD. Despite a negative close on Friday, the current setup indicates renewed momentum for the pair, with potential opportunities for traders to capitalize on the upward movement. Investors and traders will be closely monitoring developments, including any further comments from central bank officials, economic data releases, and geopolitical events, as they assess the currency pair's direction in the coming sessions. Our preference Long positions above 1.0800 with targets at 1.1010 & 1.1150 in extension.
Long
by FOREXN1
1
EURUSD Longs from 1.08000 up towards 1.10500The bias for the EUR/USD this week remains bullish, given the recent downward break in the DXY (Dollar) structure. Currently, the price has responded to a supply zone, leading to a partial retracement. My anticipation is for the price to continue its descent towards a demand level, creating an opportunity for me to consider buys within the ongoing bullish trend. The demand zones identified on the 10-hour and 2-hour charts triggered an impulsive upward movement, leaving an imbalance. Recognising this pattern suggests that the price is likely to revisit these levels and react in a bullish manner. Confluences for EURUSD Buys are as follows: - DXY (dollar) continues to break structure to the downside indicating that EU will rise. - Lots of liquidity to the upside that hasn't been taken in the form of asian highs and trend lines. - Demand zones haven been left on the 10hr and 2hr below the levels of imbalances. - The price also responded to a near by 23-hour supply zone last week, and this event could serve as the catalyst for a retracement, paving the way for a new upward movement. P.S. Additionally, I acknowledge the possibility of the price ascending and reaching the Asian high, which is in close proximity to the current price. Should this occur, my expectation is for the price to respond to the refined supply on the 50-minute chart above it, or potentially rise further to establish a more favourable sell opportunity. I would also love to hear you guys thoughts on this pair so be sure to leave a comment!
Long
by Hassan_fx
EUR/USD Hurdles at 1.0800, Eyes on Fed's DecisionIn the Asian trading hours on Wednesday, EUR/USD continues to face resistance below the 1.0800 level. The market adopts a cautious stance, awaiting the U.S. Producer Price Index (PPI) inflation data and key policy announcements from the Federal Reserve later in the day. The EUR/USD pair finds support from the 100-day Simple Moving Average (SMA) and encounters resistance from the 200-day SMA. Despite attempts to breach the 1.0800 level, the pair swiftly retraces. On the daily chart, conflicting technical indicators reflect recent sideways movements, with the 20-day SMA at 1.0870 adjusting downwards. On the 4-hour chart, the Relative Strength Index (RSI) and Momentum indicators are trending higher, and the price remains above the 20-day SMA. However, the Euro appears to be restrained without strong conviction. Short-term risks are on the rise, holding above the 1.0770 level. A sustained rise and stability above 1.0805 would reinforce short-term prospects for a more lucrative scenario, targeting levels above 1.0830.
by Larissa-Trader
EUR/USD Range-Bound around 1.0760 Ahead of US CPI DataThe EUR/USD pair is trading in a narrow range around 1.0760 at the start of the Asian trading session on Tuesday. Traders prefer to stay on the sidelines ahead of key events in the US and the Eurozone. The pair is hovering around 1.0764, unchanged for the day. The EUR/USD exchange rate is trading near the 100-day Simple Moving Average (SMA). On the daily chart, the risk remains tilted to the downside, consistent with technical indicators. The Relative Strength Index (RSI) continues to move south, well below the 30 levels, and momentum is stable below the midline. On the 4-hour chart, the pair also shows a bearish trend, with prices below the 20-period SMA and within a descending channel. The RSI and Momentum indicators are not providing clear signals. If the pair rises above 1.0780, it will break the channel and surpass the 20-period SMA, improving short-term prospects for the Euro, aiming for the resistance zone around 1.0800/1.0805. At that level, the next relevant resistance is at 1,0845. On the downside, the exchange rate is expected to weaken further, with a decline below 1.0740, where the next support level is 1.0715, and below that, the pair may find support around 1.0690. The EUR/USD touched a low of 1.0741 and then rebounded to the 1.0765 area amid limited price action on a quiet Monday. The US Dollar Index recorded a slight increase, supported by higher Treasury yields as investors await important economic reports and central bank meetings. On Tuesday, the ZEW survey is expected to show a decline in economic sentiment indices for the Eurozone and Germany in December. The focus will then shift to the European Central Bank (ECB) meeting on Thursday, with no expected changes in interest rates, and discussions expected to revolve around reinvestment from the Pandemic Emergency Purchase Program (PEPP) and minimum reserve requirements. In the US, the Consumer Price Index (CPI) will be released on Tuesday. CPI is expected to show a monthly inflation increase of 0.1% in November, with the core CPI at 0.3%. Yearly CPI is expected to be at 3.1%, compared to 3.2% recorded in October. These figures are unlikely to change expectations for the Federal Reserve's next decision. The Federal Open Market Committee (FOMC) meeting will begin on Tuesday, and the announcement on Wednesday may cause some surprises. The focus will be on new forecasts. The US Dollar Index has risen but remains below last week's highs, driven by the rise in USD/JPY rates due to higher yields. The market is currently in a consolidation phase, waiting for the next catalyst. Rewrite a fresh article in English based on the available content, ensuring it is not duplicated with any other articles.
by Gwen_Humuna