RamziAbouAbdallah-CMT

RamziAbouAbdallah-CMT

Hello everyone, In my latest posts I already confirmed that the pair is clearly in a downtrend and it isn't going to end soon, means it was clear that the market haven't bottomed yet. The price action today almost affirmed my previous predictions and the pair printed new lows near the 1.0900 figure. I noticed that during the European session, before reaching that...

RamziAbouAbdallah-CMT

Good evening, Yesterday was a pretty impressive day for the pair as it broke below a major support at 1.09650 following surprisingly weak PMIs, and a renewed demand for the dollar. Reports stating that Trump's impeachment is far from happening since he didn't violate any campaign laws helped T-yields recover which also pushed the dollar up. Yesterday's close was...

RamziAbouAbdallah-CMT

Good evening, Today's Euro zone PMIs surprised the markets to the downside with the German numbers well below their estimates pointing to a continuing, deeper slowdown in the whole continent and possibly a recession in Germany. The pair broke below the 1.10 level and tested the 1.0965 support without breaking it, this is bad for the bears. The currency recovered...

RamziAbouAbdallah-CMT

Hello everyone, As seen on this chart, the pair is still stuck in a bearish direction while below the descending trend-line. It tried breaking up beyond the resistance line but failed to do, especially after the FOMC meeting which disappointed bulls by delivering a less dovish message and giving no hints for further rate cuts. The bearish view stays unchanged...

RamziAbouAbdallah-CMT

The pair started the week with a wide gap following news about a drone attack on Saudi's Aramco which lifted oil prices and its correlated currencies such as the Canadian dollar. The fact that the pair hasn't been able to fill the gap around 1.3270 suggests that this up channel on hourly charts might break to the downside targeting 1.320, 1.3150 and below if the...

RamziAbouAbdallah-CMT

Hello Traders, We are facing a very volatile market lately with a lot going on. The ECB has done it again, launched a new QE program and delivered a rate cut following a more than expected economic slowdown and muted inflation. In the weekend, Saudi's Aramco was hit by a drone attack, cutting its production by 50%. Those latest occurrences disrupted markets;...

RamziAbouAbdallah-CMT

After printing a new low near 1.0925, the Euro found enough buyers to recover above the 1.10 level and is now trading near the first resistance at 1.1040 which is the 23.6% Fibo retracement of the latest decline. Also, looking at the recent candles, the recovery doesn't seem to have ended but is also facing critical resistance near 1.1060 and a potential big...

RamziAbouAbdallah-CMT

After it reached a level close to 1.10, EUR/USD created a bullish hammer and managed to recover more than 100 pips on the first trading day of the week. It slightly overcame 1.12 figure and retreated back to 1.119 . This recovery was helped by Trump's decision to add more tariffs on China as soon as September, pushing the probability of a second rate cut by the...

RamziAbouAbdallah-CMT

Hello traders, Finally after a long period of trading range, the pair has broken to the downside and closed below 1.11 for the first time since 2017. The primary catalyst for that move was a less dovish Fed who cut rates for the first time since 2008 but surprised the market with a less dovish tone than anticipated, disappointed bulls and finally gave up 1.11...

RamziAbouAbdallah-CMT

Recent Us data has been solid in many areas: consumer spending, inflation, consumer sentiment.. While the European data is still getting worse and worse especially the German ZEW sentiment which came today below expectations. On the other part of the sea we saw a rebound in the retail sales which came above expectations. As a result, the pair came under...

RamziAbouAbdallah-CMT

Hello traders, EUR/USD almost lost 100 pips on the first trading day of June following some positive comments during the G20 meeting about trade tensions , diminishing tensions between US and China. Probability of a rate cute in July decreased as markets expect the Fed to be more patient on a dovish move. Also, we had some negative numbers for the manufacturing...

RamziAbouAbdallah-CMT

Good evening all, It's been a quiet week for the eur/usd with no noticeable movements and events, markets are braced for the G20 meetings on Friday and Saturday and whether this whole trade issue between US and China can finally break down. US GDP came in close to expectations and European cpi is expected to have stabilized. Technically, the pair is still looking...

RamziAbouAbdallah-CMT

Hello traders , Let me give you a quick recap of the latest market news Last week Mario Draghi stated that further stimulus might be needed to ensure inflation is picking up, hinting for rate cuts. But since the ECB has been dovish for over a year, it did little to shake the markets and EUR/USD dropped around 50 pips but quickly recovered as the Fed meeting...

RamziAbouAbdallah-CMT

EUR/USD failed to surpass the 50 SMA around 1.121 two few days ago and fell to lowest level since May 23 and just few pips away from YTD lows. The technical picture remains bearish, as long as resistance trend line around 1.126 remains intact. However, on the daily chart we have double bottom at around 1.1105-1.1110 which is holding the bearish continuation of...

RamziAbouAbdallah-CMT

As I predicted yesterday, today was a bearish day for EUR/USD. Looks like it's gonna close near 1.12 figure heading into the Asian session. Bears need to break 1.119 hourly support first and close below the next support around 1.1172 to confirm the bearish bias. Watch out for tomorrow's economic indicators: German GDP, European GDP and Us retail sales. The broader...

RamziAbouAbdallah-CMT

Fundamental analysis: Although signs of small recovery of the euro zone started showing according to economic indicators, trade war escalation raised markets concerns of slowing global growth which is not benefiting the European union nor giving any hopes of rate hikes by the ECB, therefore giving the USD more strength as a safe haven. Technical analysis: EUR/USD...

RamziAbouAbdallah-CMT

After dropping sharply following disappointing PMIs datas in the european union, the pair rallied creating a bearish flag, a continuation pattern usually. Today, markets broke down this pattern support and touched 1.119, near YTD lows. Note that markets kept buying those levels for the recent past, that’s why bears need a sustained break below 1.1175 to confirm a...

RamziAbouAbdallah-CMT

Hello traders, This pair has been trading in a narrow range for the recent days where bulls and bears are fighting to take control Bulls aim to break 1.132-3 resistance area in order to keep advancing towards higher levels near 1.139 where sits a 7-month down trend-line. Bears aim to break 1.127-5 support area in order to keep retreating towards lower levels near...