|Day's Range||1.16 - 1.168|
|52 Week Range||1.1173 - 1.2558|
The Euro rallied significantly after initially reaching towards the 1.15 level during the week and find plenty of buying opportunities. The 1.15 level has been very important in the past, as it was resistance for a couple of years. The fact that we found support here is somewhat bullish, as it was necessary to keep the market afloat after the initial surge.
The Euro has had a very bullish session on Friday, breaking above the 1.16 level significantly, and it looks as if the market continues to trying to recover from the mass selloff that we have seen after the ECB suggested that it was at least a year away from hiking interest rates.
The euro is irreversible, German Finance Minister Olaf Scholz said in a newspaper interview to be published on Saturday when asked if the single currency will still be there in 10 years. "Yes, the euro is irreversible," Scholz told the Rheinische Post. "With the Meseberg agreements we are further building the house of Europe," he said.
Investing.com – The U.S. dollar was on track to post a weekly loss against its rivals as mixed U.S. economic data weighed on sentiment and ongoing euro strength curbed upside momentum.
The U.S. dollar rallied to its best level in a year against its Canadian rival Friday morning, thanks to sluggish Canadian economic data that underlined the fragility of Canada’s economy. The ICE U.S. Dollar Index (IFUS:DX-Y.NYB) meanwhile, was down 0.2% at 94.535. Friday morning’s Canadian data showed May inflation at 0.05%, underperforming the forecast of 0.5%, while core inflation slowed to 1.9% for the 12 months ended in May, from 2.1% previously.
By Richard Leong NEW YORK (Reuters) - The euro climbed on Friday as traders were encouraged by improved regional economic growth data and new assurances by Italian politicians that their nation would not leave the single currency. The euro registered a weekly gain of nearly 0.5 percent against the dollar, reversing the prior week's 1.35 percent drop tied to the European Central Bank's hint it would hold interest rates through the summer of 2019. The euro's advance, together with a rebound in commodity-linked and emerging market currencies, pressured the dollar which ended lower on the week.
The euro remained higher on Friday, as the U.S. dollar fell and trade concerns lingered. EUR/USD rose 0.26% to 1.1633 as of 11:24 AM ET (15:24 GMT) after French and German business activity in June came in higher than expected, easing concerns of a slowdown in the eurozone. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.19% to 94.36.
Euro zone finance ministers and leaders will seek agreement in the next eight days on a series of reforms to make the currency area more resilient to future crises. Below are ideas for new powers for the European Stability Mechanism (ESM), the euro zone bailout fund for states with a firepower of 500 billion euros (438.5 billion pounds), discussed by finance ministers and to be considered by a European Union summit on June 29.
The pair shot higher during the yesterday’s session after reaching its major support level at 1.15 level. The British Pound shot higher during the yesterday’s session breaking above the 1.32 level and then continued towards the 1.3250 level. If it breaks above the 1.33 level, then it will be a very big development and could send the British Pound much higher.
Investing.com - The euro was steady on Friday, as the U.S. dollar fell amid trade war concerns.French and German business activity in June came in higher than expected, easing concerns of a slowdown in the eurozone.EUR/USD rose 0.57% to 1.1669 as of 5:18 AM ET (9:18 GMT) while the pound was higher, with GBP/USD rising 0.52% to 1.3308.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.42% to 94.14.Tensions between the U.S. ...
Based on the early price action, the direction of the EUR/USD on Friday will be determined by trader reaction to the downtrending Gann angle at 1.1611.
Euro zone economic growth likely put in a decent performance in the second quarter with private businesses growing faster than expected in June, but trade worries knocked manufacturing growth to the weakest in 18 months, a private survey showed. Just last week the ECB signalled that its crisis-era bond buying programme will end this year and that interest rates will rise in the second half of 2019. IHS Markit's Euro Zone Composite Flash Purchasing Managers' Index (PMI), seen as a good guide to economic growth, climbed in June to 54.8 from 54.1 in the previous month and above 53.9 predicted in a Reuters poll.
The Euro rallied significantly during the trading session on Thursday after initially dipping towards the 1.15 handle. That’s an area that has been important more than once, and it is a major level on the longer-term charts. Because of this, a bit of a relief rally is not much of a surprise.
The Philly Fed report said business activity fell from 34.4 in May to 19.9 in June, its lowest since November 2016. The index’s sharpest drop since January 2014.
Euro zone finance ministers reached an agreement on debt relief for Greece on Friday to smooth out the return of Athens to market financing after eight years of living mainly on loans from euro zone states. Out of this amount, 5.5 billion will be disbursed to a segregated account, to be used for debt servicing and 9.5 billion will be disbursed to a dedicated account set up to build up cash buffers, to be used for debt service in case of needs. * Greece will maintain a primary surplus of 3.5 percent of its gross domestic product (GDP) until 2022 and, thereafter stick to EU budget rules, which would mean a primary surplus of 2.2 percent of GDP on average in the period from 2023 to 2060, according to European Commission estimates.
Investing.com – The U.S. dollar gave up its early gains against its rivals following weaker Philadelphia Fed data and a rebound in sterling after the Bank of England's hawkish pivot.
Euro zone finance ministers reached a deal on debt relief for Greece, two euro zone officials said on Friday. "We have a deal," one official involved in the negotiations said, adding it would be credible for markets. A second official confirmed the ministers had reached a deal.
Investing.com - The dollar eased after hitting the highest levels of the year on Thursday following the release of soft U.S. manufacturing data, while the pound was higher after the Bank of England laid the groundwork for an August rate hike.
Euro zone consumer confidence fell more than expected in June, figures released by the European Commission showed on Thursday, adding to signs in the second quarter of a cooling of the bloc's economy. While the Commission did not give details on the reason for the deterioration, protectionist talk by the United States administration and fear of a trade war with China and the European Union have spooked markets worldwide. The downward pressure on economic growth in the quarter is also a headache for policy makers at the European Central Bank set to end a stimulus programme by the year-end.
Investing.com - The dollar rose to the highest levels of the year against a currency basket on Thursday, while the pound fell to seven month lows ahead of the conclusion of the Bank of England policy meeting later in the day.
Investing.com - The dollar rose to near eleven month highs against a currency basket on Thursday, supported by expectations for a faster pace of rate hikes this year, while the pound was at the lows of the year ahead of the Bank of England meeting later in the day.
The pair traded on a choppy note during the Wednesday’s session initially tried to move higher but pulled back. The market seems to be trying to form a base around the 1.1550 level using the strong support level at 1.15 level.
The EUR/USD went into a whipsaw mode yesterday after a comment from ECB member Nowotny, who was a bit dovish about the EUR strength vs Dollar. The EUR/USD quickly dropped, testing the lower range boundaries then spiked up again. We can see that this range has been holding the pair for a full week. At this point, the EUR/USD could drop from 1.1540-60 towards 1.1520 and 1.1510. Below 1.1510 we might see 1.1470 and 1.1436. However, if the pair get above 1.1645, it should provide bulls with new strength so next targets should be 1.1690 and 1.1780.