|Day's Range||1.228 - 1.235|
|52 Week Range||1.0500 - 1.2558|
In the alternate scenario, if the market breaks below the 0.78 level then 0.7750 level will offer some amount of resistance. Alternatively, if this market breaks below the 106.50 level then the market could probably drop towards the 105.50 level which could wipe the entire move higher.
The EUR/USD pair has rallied a bit during the day on Thursday, testing the 1.2350 level. We are starting to see some resistance there, so it’ll be interesting to see what happens next, as this is a very important level.
EUR/USD rebounded from session lows despite a weaker than expected IFO survey and higher U.S. yields. French business confidence was weaker than expected, and French inflation was confirmed at 1.5%. Eurozone consumer confidence corrected while jobless claims dropped to a very tight level. The EUR/USD rebounded after dropping below trend line support, which is now seen as resistance at 1.2340.
Based on the early price action, a trade through 1.2259 will signal the presence of sellers. This could trigger an acceleration into 1.2205, 1.2166 then 1.2164.
FOMC Minutes were not as hawkish as expected, so the USD went down. Minute’s attraction allowed the EURUSD to break the mid-term up trendline and the horizontal support on the 1.229. On USDCAD we do not have to be patient as on the EURUSD.
The pair traded with a negative tilt during the Wednesday’s session as it was hovering just around the 1.23 level. The pair initially rallied during the Wednesday’s session reaching towards the 1.40 level but due to significant resistance above, it rolled back. The AUD continued to fall during the Wednesday’s session reaching towards the 0.78 level but because of this, it may also get potential buying interest as it is the 50 percent in Fibonacci scale and also the 0.78 level is the massive support region.
The EUR/USD pair has gone sideways with a slightly negative bend during the trading session on Wednesday, as we continue to bounce around the 1.23 region. I think there is plenty of interest in buying this pair, but we may have to take your time to decide as to when to get involved.
Based on the early trade, the direction of the EUR/USD today is likely to be determined by trader reaction to the steep downtrending Gann angle at 1.2315.
The British Pound was very noisy during the trading session on Tuesday as it reached as low as 1.3930 level but was able to bounce back. Right now both US dollar and the gold market is greatly influencing the market’s movement. The USD continued to move higher during the Tuesday’s session trying to reach towards the 107.50 level which was its previous major support level.
The EUR/USD pair fell during most of Tuesday but found enough support near the 1.23 level to turn things around and form a bit of a bounce. If we continue to bounce from here, the 61.8% Fibonacci retracement level will have held, which should send more bullish sentiment into the market.
Based on the early trade, the direction of the EUR/USD the rest of the session will be determined by trader reaction to the short-term Fibonacci level at 1.2339.
EURUSD’s recent pullback from 1.2553 seems all set to re-test the two-month old ascending trend-line support of 1.2285, breaking which an intermediate TL figure of 1.2220, together with oversold RSI, might try restricting its follow-on downside. If the pair refrains to respect the 1.2220 level, the 1.2160 and the 1.2100 are likely consecutive stops that it can avail prior to resting on the 1.2085-80 horizontal-line. On the upside, the 1.2415, the 1.2455 and the 1.2520 may entertain short-term buyers before making them confront the latest high around 1.2555. ...
The calendar this week is empty so luckily we are focusing more on the technical analysis. EURUSD is suffering losses after creating the false breakout pattern above the 1.2520 resistance. EURNZD is very close for a major sell signal.
The markets will probably bounce from here as the 1.23 level is massively supportive which could attract a lot of buyers into this market. Going forward, the market is going to be noisy and volatile as there are lot concerns about the bond market and where it is heading. Given enough time, the market will find enough bullish pressure to reach towards the 1.25 level.
The EUR/USD pair drifted a bit lower during the trading session on Monday, but as you can see we are starting to see a bit of a bounce near the 50% Fibonacci retracement level. I believe that the 1.2350 level could offer enough buying pressure to turn things around, but patience will be needed.
Based on the early price action, the direction of the EUR/USD today is likely to be determined by trader reaction to the short-term 50% level at 1.2380.
You’re watching this week’s first Daily Trading Signals. Here’s how the interbank sentiment compares with the technical models at 8 AM GMT.
Seems like another correction have finally arrived for the American Dollar. Usually, when the calendar is empty like this, attention shifts towards the politics or we are completely ignoring the news and just go with the flow (trend, technical analysis). Technically, EURUSD draws a false breakout pattern (grey) above the resistance on 1.252 (orange).
The pair pulled down significantly during the Friday’s session reaching towards the 1.24 level which offered a bit of support. Overall, the market is in general uptrend and pullback like this offers a good buying opportunity. If the market further breaks down, the 1.23 level and 1.21 level is going to offer maximum support. All the pullbacks are a technical move based on the recent highs and buyers will get attracted to take this market forward. …Read MoreGBP/USD