|Day's Range||1.101 - 1.103|
|52 Week Range||1.0930 - 1.1815|
Geopolitics is in focus, with Brexit, Iran, and the U.S – China trade war likely to keep the markets busy. Stats and the RBNZ are also of influence.
The Euro broke down a bit during the week, to reach towards the 1.10 EUR level, an area that would make quite a bit of psychological importance to traders around the world. However, the overall downtrend should continue, although it is very choppy.
The Euro initially tried to rally during the Friday session but continues to see plenty of selling pressure above, and it looks as if the EUR/USD pair is trying to break down rather significantly. Longer-term, this is a market that should continue to favor the downside in general.
Based on the early price action and the current price at 1.1040, the direction of the EUR/USD is likely to be determined by trader reaction to the main 50% level at 1.1045 and the uptrending Gann angle at 1.1047.
EUR/USD made another attempt at a critical resistance area in early trading on Friday but sellers jumped in to hold the pair within a range.
The Euro rallied a bit during the trading session on Thursday, as we continue to go back and forth in the same range that we had been in over the last couple of weeks. The market looks like it is trying to decide where to go next, but at this point it’s obviously very choppy to say the least.
Based on the early price action and the current price at 1.1067, the direction of the EUR/USD the rest of the session on Thursday is likely to be determined by trader reaction to the Fibonacci level at 1.1073 and the downtrending Gann angle at 1.1074.
After coming under a bit of pressure yesterday following the Fed rate decision, EUR/USD rallied in the early day to wipe out losses as a result of the central bank meeting.
Investing.com - The yen rose from a seven week low against the U.S. dollar on Thursday after the Bank of Japan kept monetary policy on hold, in the wake of the Federal Reserve’s overnight decision to cut rates.
It’s a big day for the Pound, with retail sales figures due out ahead of the BoE monetary policy decision. Will there be any dissenters to sink the Pound?
The Euro is awaiting the Federal Reserve and what’s going to come out of that announcement as it continues to consolidate in the same range it has been in over the last couple of weeks.
Based on the early price action and the current price at 1.1054, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the 50% level at 1.1045 and the 61.8% level at 1.1073.
EUR/USD is down slightly in early trading on Wednesday. The pair had a muted reaction to CPI data which came in unchanged for the year. The Fed meets later today and a volatile reaction is expected in the exchange rate.
With economic data on the lighter side, the market focus will be on Brexit chatter and the FOMC. For the Loonie, inflation figures will also influence.
The Euro bounced a bit during the trading session on Tuesday, as the 1.10 EUR level has offered a bit of psychological support. At this point, it looks as if the market will be waiting for the Federal Reserve to give it some directionality.
Based on the early price action and the current price at 1.1020, the direction of the EUR/USD is likely to be determined by trader reaction to the short-term 50% level at 1.1019.
Markets react relatively sluggishly to the events of the beginning of the week. Oil remains at elevated levels, climbing13% since the beginning of the week.
Investing.com - The Canadian dollar was weaker against the U.S. dollar on Tuesday after soft manufacturing data and falling oil prices erased gains from the prior session.
Investing.com -- U.S. industrial production and manufacturing output both rose by more than expected in August, bucking the trend of a global slowdown this year against the backdrop of the U.S.-China trade war.
Investing.com -- Germany's ZEW economic sentiment index, the first major confidence indicator of the month in Europe, rose to -22.5 in September from a seven-year low of -44.1 in August, amid signs of progress in the U.S.-China trade dispute and the European Central Bank's monetary policy easing package last week.