|Day's range||1.173 - 1.178|
|52-week range||1.1302 - 1.2558|
The Euro rallied initially during the day on Monday but is starting to roll over to form a “lower high” on the longer-term charts. Because of this, I think that the 1.18 level is showing just how important it’s going to be.
Investing.com - The dollar retreated against its rivals Monday, pressured by a stronger pound amid lingering hopes of a UK-EU Brexit deal, while a firmer euro on positive remarks from European Central Bank Mario Draghi also hurt the greenback.
Investing.com - The U.S. dollar continued to fall against other currencies on Monday, while the pound gained ground as investors awaited an interest rate decision from the Federal Reserve.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.21% to 93.59 as of 10:21 AM ET (14:21 GMT).The Fed meets on Tuesday and Wednesday, with traders expecting a rate hike for the third time this year. The market has already priced in a 100% chance of a 25-basis-point increase.Chances of an increase in December were at 86.1%. ...
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1726.
The Australian dollar was lower, with AUD/USD down 0.26% to 0.7271, while NZD/USD fell 0.19% to 0.6677 and USD/CAD gained 0.18% to 1.2938.
Trade war jitters return, weighing on the equity markets and commodity currencies, Trump’s 2nd general assembly speech tomorrow of little comfort.
The Euro breaks lower after testing the massively resistive 1.18 level in the Friday’s session, which was the top of the larger consolidation area. It is expected that the 1.17 level underneath is going to offer strong support to the pair and is likely to trade above this range for next couple of session to gain momentum to break higher. After rallying significantly in the last few session, the pair experienced some cooling down effect and tested the 0.7250 level underneath for support.
The wider yield differentials and potential risk aversion in equities could cap upside in the EUR/USD ahead of the Fed.
The EUR/USD has been quite erratic since early 2015. The Eurozone economy has been showing signs of promise, with inflation finally hitting the 2% target and growth remaining decent. Unemployment is falling, although the periphery’s elevated levels keep it higher than many other western economies.
The Euro broke through a downtrend line during the week, testing the vital 1.18 level above. That’s an area that has been the top of the overall consolidation, so it makes sense that it caused a little bit of resistance. I believe at this point it’s likely that participants are taking a bit of a breather more than anything else.
The Euro fails at major resistance during the early hours on Friday, as we continue to see the 1.18 level offer major supply.
Investing.com - The dollar rose against its rivals on Friday, as investors reined in appetite for emerging-market currencies, while the pound racked up losses as the UK and EU reached an "impasse," on a post-Brexit deal.
The Australian dollar was lower, with AUD/USD down 0.16% to 0.7280. Meanwhile NZD/USD jumped 1.04% to 0.6679 after Moody's reaffirmed the country’s AAA rating.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to yesterday’s close at 1.1777 and the July 9 top at 1.1791.
The EUR/USD closed well above 1.17 yesterday, signaling a continuation of the rally from August lows and an above-forecast Eurozone preliminary PMI releases could accentuate the bullish case.
The Euro broke out during the trading session on Wednesday, slicing through a “neckline” of a very complex inverse head and shoulders that I was talking about yesterday. I think at this point we will more than likely go looking towards the next round figure where I expect a fight.
Inflation numbers out of Japan this morning were a reminder of how far off the BoJ is from making a move, focus shifting to the EU and the Oval Office.
Investing.com - The dollar fell to a nearly four-month low against its rivals on Thursday, as investors bet on an ongoing rebound in emerging-market currencies amid improved sentiment in developing economies.
The Euro initially rallied during the day on Wednesday but is facing stiff resistance at the neckline of an inverse head and shoulders pattern that is formed on the daily chart. The market is expected to continue noisy and given the trade wars, USD will experience pressure and “buy on dips” will be the right strategy to continue in this market.
A combination of increased risk appetite and a pullback in the treasury yields could yield much-needed break above 1.17.
You can make a real argument for the Euro testing the neckline of an inverse head and shoulders near the 1.17 handle, and it certainly looks as if that area continues to give us a lot of resistance. However, I think it’s obvious that the buyers certainly are becoming a bit more aggressive. I also see a lot of noise above, so this is going to be a tough couple of weeks.
Impressive 2nd GDP numbers drive the Kiwi, with Brexit and retail sales numbers putting the Pound in the spotlight.
Investing.com - The dollar fell against its rivals on Wednesday, shrugging off mostly upbeat U.S. economic data as emerging market currencies made a stand against the greenback on improved sentiment.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.17% to 94.06 as of 11:45 AM ET (15:45 GMT). The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year. Meanwhile, trade developments with the U.S. and Canada continued, as Canadian Prime Minister Justin Trudeau said he was going to need see “movement” before a deal could be reached.