|Day's Range||1.135 - 1.139|
|52 Week Range||1.1110 - 1.1815|
The Euro went back and forth during the trading session on Wednesday, bouncing around above the 1.1350 level. More importantly, were hanging about the 200 day EMA so it’ll be interesting to see whether or not we can hold from here. At this point, this is a market that is trying to assert its bullishness.
Markets do not really care about the situation in the Gulf region. The main drivers for the stocks and currencies are now the Trade Wars and the dovish FED.
Based on the early price action, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to a downtrending Gann angle at 1.1361.
"These people are devaluing their currency because they’re not doing well against us," Trump told Fox Business News in an interview. "So they devalue and we can’t. We are no longer on a level playing field."
Fed Chair Powell’s speech yesterday confirmed that the markets were getting ahead of themselves in pricing in easing expectations. The dollar has bounced higher as a result and EUR/USD ended its four-day winning streak.
Based on the early price action, the direction of the September U.S. Dollar Index on Tuesday is likely to be determined by trader reaction to Monday’s close at 95.487. If the Euro posts a reversal top then look for the index to post a reversal bottom.
The RBNZ holds steady with FED Chair Powell holding back from talking up a near-term rate hike. For the day ahead, stats, Iran and China are in focus.
Investing.com - The U.S. dollar edged higher on Wednesday, pulling away from a three month low as markets dialed back expectations for aggressive interest rate cuts by the Federal Reserve next month, but expectations for some monetary easing checked the currency’s gains.
The Euro went back and forth during the trading session on Tuesday, as we may have gotten a bit overextended. At this point I like the idea of buying this market on dips, as we have obviously changed the overall attitude.
Based on the early price action and the current price at 1.1386, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to yesterday’s close at 1.1398.
The US stock indices closed the last session with a decrease: NASDAQ was down by 0.32%, the S&P500; by 0.17%, and Dow Jones managed to add only 0.03%.
EUR/USD corrected lower in early day trading after a four consecutive day rally. I expect the pair will be bought on dips, especially ahead of several Fed Speeches that are scheduled later in the day.
Negative comments ahead of trade talks and rhetoric from Iran in response to the prospect of sanctions dampen the mood ahead of the European open.
Investing.com -- The dollar continued its decline in early trading in Europe Tuesday, with the yen and euro strengthening as traders anticipate the erosion of the interest rate premium on dollar assets.
Trump called the Fed as a “Stubborn Child”. Today, the Crude prices slipped around 1% over demand concerns boiled out of escalating US-Iran tensions. The April Japanese Leading Economic Index reported higher than market hopes.
To hear many analysts tell it, the top is in for the U.S. dollar, clearing the way for a sustained rally by emerging markets. But skeptics say they may be underestimating the threat to global growth from trade wars.
The Euro initially shot higher during the day on Monday but has given back a bit of the gains early during the day. That being said though, we are above the 200 day EMA, something that hasn’t happened for quite some time.
EURUSD continues rising. On Monday, June 24th, the instrument is mostly trading close to 1.1376. Market players aren’t as active as usual, but it may change in a moment.
Based on the early price action and the intra-day upside momentum, buyers may take a run at the next downtrending Gann angle at 1.1406. This is the last potential resistance angle before the 1.1448 main top.
Investors’ attention is shifting from the world central banks towards the G20 leaders. That way, Trump and Xi Jinping’s meeting to discuss the China-US trade deal has the greatest potential to impact on the markets.
EUR/USD rallied about one and a half percent last week and seems to be trying to break out. The pair was last seen heading toward the 1.1400 level and there doesn’t seem to be a lot of sellers.
A tentative start to the week as the market feels uncertain about what narrative it should run with. A considerable volume of ink was spilt on Sunday regarding Iran, the dovish FOMC remains ingrained on the market’s mind, while the G-20 looms. And for oil traders, there’s that not so delicate oil balancing act coming out of the OPEC meeting that remains a concern.
Given the upside momentum at the end of last week, buyers may take a run at an important resistance cluster at 1.1447 to 1.1448. The first price is a 50% level. The second is the last main top.