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EURUSD: refreshes multi-month top above 1.1200The latest minutes of the European Central Bank (ECB) meeting have been released, stating that the Governing Council may consider raising interest rates beyond July if needed. This aligns with recent statements made by President Lagarde, and a hike in July is already expected. However, data from Thursday's release showed that Industrial Production in the Eurozone only grew by 0.2% in May, falling short of the market expectation of 0.3%. The European Commission will also release economic growth forecasts and trade balance data on Friday.
Long
by Sphyn-Trader
15
EURUSD Possible HUGE Bullish Peak? READ FULL TEXT FX:EURUSD OANDA:EURUSD FOREXCOM:EURUSD PEPPERSTONE:EURUSD EIGHTCAP:EURUSD CAPITALCOM:EURUSD BLACKBULL:EURUSD ACTIVTRADES:EURUSD VANTAGE:EURUSD FX_IDC:EURUSD - Welcome, traders! Make sure to follow my profile for regular market analysis. Today, we're diving into the technical analysis and forecast for the EURO versus the USD pair. So let's get started! Here's my analysis for July 13-14 in the 1H Timeframe: The EURO USD pair has taken off like a rocket after the release of the CPI data. The Euro's momentum seems unstoppable at the moment, and following the market trend is the only logical choice. If we take a look at the DXY, the Dollar Index, it's clear that sellers have dominated since the release of the Non-Farm Payrolls report (NFP). The fall in the DXY continued even after the CPI data, and it broke through its last support level at 100.80. If the downward pressure persists, the DXY could head towards double-digit figures, indicating a weaker USD. Examining the chart, we can see that 100.80 was the only support level on the DXY chart, and the price is currently trading below that level. If the fall continues and the market pressure remains, we can expect the DXY to face further challenges. The next resistance levels to watch out for are 100.1 and 100. The situation looks quite challenging for the DXY right now, and based on the chart analysis, the fall is likely to continue. However, it's essential for traders, especially beginners, to avoid gambling with their trades. We have already witnessed several impactful news releases in recent days, and it's advisable to close all dollar positions before major news events to safeguard stop losses. In extremely volatile markets, stop losses may not function properly due to slippage, so it's crucial to exercise caution and not take unnecessary risks with your hard-earned money. Now, let's shift our focus to the EURO versus USD forecast. The market structure for the EURO USD pair indicates a strong bullish trend, with the price currently near the top. In this type of market, buying on retracements should be the primary trading strategy to follow. The fifty-day moving average is acting as a dynamic support for the market, indicating potential buying opportunities on pullbacks. However, given the current bullishness of the EURO USD pair, a significant decline might be unlikely in the short term. The next dynamic support level, the fifty-day moving average, is quite far away, around 1.060 and 1.050. While theoretically, this level presents an ideal area for a buy position, the chances of the market coming down to this level in the near future are slim. Therefore, it's crucial to keep a close eye on this specific level and patiently wait for the market to show some downward movement over the next few days. Considering the prevailing bullish momentum, there's a good possibility that the previous resistance level at 1.100 will now work as a support level for the EURO USD pair. OANDA:EURUSD If the market retraces and bounces from this level, it could present an excellent buying opportunity for traders. Therefore, it's important to keep this support level in mind and be prepared to take advantage of potential retracements. Buying on retracements remains the best trading strategy in this current market condition. However, it's worth noting that the ideal level for a buy position, the fifty-day moving average, is relatively far away. This emphasizes the importance of managing risk strictly to protect your trading capital. On the other hand, if the market doesn't experience a significant retracement and continues its upward move, traders can consider buying above 1.500. Nonetheless, it's crucial to adhere to strict risk management principles in such cases. When taking a buy position further away from the area of value, it's important to be cautious. In the event of a false breakout, strict risk management will help avoid significant losses. Consider using a smaller lot size to mitigate risk. That's all for today, fellow traders. I hope this technical analysis and forecast for the EURO USD pair provided you with valuable insights. Remember, always follow proper risk management techniques and be a trader, not a gambler. Protect your hard-earned money and trade wisely. Thank you for reading, and stay tuned for more market analysis and trading insights. Until next time, happy trading!
Long
by harfi7520
EURUSD: keeps gains near 1.1150Yesterday, the US Treasury yields fell, leading to a surge in stocks on Wall Street. This boost in risk sentiment further weakened the US Dollar. On Thursday, the US Producer Price Index report will be released, which could either confirm the soft inflation trend or reveal something unexpected. Meanwhile, the European Commission is set to release its economic forecast and Industrial Production data for May, and the Eurogroup will have a meeting. In addition, the European Central Bank (ECB) will release the minutes of its latest meeting. Considering recent market activity and the changing expectations of both the Fed and ECB, volatility is expected to remain high in the next session. This means that the pair could either see significant gains or experience major corrections, making it vulnerable to both scenarios.
Long
by Sphyn-Trader
8
Will EurUsd break above 1.1?In my previous EurUsd analysis I said that the pair could reverse to the upside from the important 1.0840-1.0850 support zone. Indeed, after a touch of that zone, the pair turned to the upside and managed to close last week very strong and near to 1.1 important resistance. At this moment EurUsd is correcting this up move a new leg up could follow. Short-term support lies at 1.0930 and in this zone, traders could look for buying opportunities.
Long
by Mihai_Iacob
36
EURUSD: The decline and impact of the USDThe EUR/USD pair experienced a rebound during the late American session on Thursday, but was unable to maintain stability above 1.0900. The upcoming June labor market data from the US has the potential to spark significant movement in the pair before the weekend. The US Dollar gained strength against its competitors, causing the EUR/USD to drop below 1.0840 after positive data releases. The monthly ADP report revealed a noteworthy increase of 497,000 in private sector payrolls for June, while the ISM Services PMI improved from 50.3 to 53.9, indicating a surge in growth momentum within the service sector. It is predicted that nonfarm payrolls in the US will rise by 225,000 in June, with the unemployment rate expected to slightly decrease from 3.7% to 3.6%.
Long
by Sphyn-Trader
2
EURUSD: holds lower ground near 1.0900?The EUR/USD bounced back above 1.0900 after weak US data was released during the American session. With US holidays on Monday, the market is expected to stay calm. However, the Greenback is losing its strength and upcoming employment data and the release of the FOMC minutes will be crucial in determining its direction. On Monday, economic data revealed a downward revision in the Eurozone June Manufacturing PMI, with the headline figure dropping from the initial 43.6 to 43.4. The Service sector data will be published on Wednesday. Despite the weak numbers, the European Central Bank (ECB) plans to increase interest rates at the next meeting on July 22, as inflation remains high. Additionally, the likelihood of another hike in September is over 50%.
Long
by Sphyn-Trader
6
Volatile Moves Ahead, Spotlights on Key LevelsIn this market analysis, we delve into the recent price movements of the EUR/USD currency pair. With the euro and the US dollar engaged in a tug-of-war, traders are closely monitoring key levels to identify potential opportunities. Our analysis will provide insights into the current state of the pair and offer a decision signal to guide your trading strategy. Price Action Overview: As of 5th July 2023, at 15:42, EUR/USD has been hovering around the 1.0900 mark, displaying choppiness and uncertainty in midweek trading. The immediate downside support level is observed at the 1.0830 region, which presents a contention zone for the pair. TRADE IDEA DETAILS CURRENCY PAIR: EUR/USD CURRENT TREND: Sideways/choppy TRADE SIGNAL: Sell Signal 👉 ENTRY PRICE: Below 1.0900 ✅ TAKE PROFIT: 1.0830 ❌ STOP LOSS: Above 1.1012 Based on the analysis provided, a sell signal for EUR/USD is recommended. However, it is crucial to conduct thorough research, stay updated with market developments, and adapt the trade plan accordingly. Remember to manage risk effectively and consider your personal trading strategy and risk appetite.
Short
by RichDadph-FX
Doji candlestick pattern in EUR/USD, back to 1.08?Dear traders, in my yesterday's EURUSD analysis, I recommended selling EURUSD@1.0930 That trade is currently running in profit. If we look at the daily chart, we can see the formation of a long-legged Doji candlestick in the daily chart, which indicates indecision. However, as long as price stays below the 1.0930 level, the bias is tilted to the bearish side. EUR/USD can slide back down to 1.0830 and 1.08 level in the coming days.
by YourLazyTrader
21