EURUSD pair The medium-term uptrend is at risk since the newly formed bearish trend line is providing significant amount resistance to this pair at 1.1220 level. In the last week the pair struggled very hard to overcome the bearish trend line resistance but ultimately price closed below the trend line resistance level. This week is very important for the EURUSD pair since the pair is most likely to break the critical resistance level at 1.1220 level. However, the mighty U.S dollar has recovered its losses to a certain extent and economic researchers are suggesting that there is 67% chance of rate hike in the month of December. Investors are overly cautious about the FOMC meeting minutes in this week. A hawkish statement will clear the resistance level at 1.1220 level. A valid break of that level will again bring the bulls in the market. The first initial bullish target for this pair would be critical resistance level at 1.1450 level. Professional traders are waiting for the price to reach this level to short the EURUSD pair in favor of the long-term bearish momentum in the market, however, if the pair manages to breach that level then we will see a strong bullish rally in the pair towards the 1.1600 level. On the contrary, if the critical resistance level at 1.1450 level provides enough selling pressure to this pair then we will see a decent southward move towards the critical support level at 1.1180 level. A daily closing below that level…
Comments closedForex Site Posts
The Euro is trading higher against it all major rival after the dovish statement of interest rate hike decision in the last FOMC meeting minute. The daily uptrend in the EURUSD pair still intact and the price is making nice recovery after hitting the critical support level at 1.09086.Professional price action traders are overly cautious in trading this pair since the long term bearish trend in the EURSUD pair is at risk. In the upcoming week are expecting less volatility in the EURUSD pair since there is few major economic news release on behalf of EURO. However, we can see extremely volatility in the market on Friday due to the Non-farm Employment change data release. The previous Non-farm Employment data was 151 k which is pretty bad. Based on previous data and the overall performance of the EURUSD pair we are not expecting any significant improvement in favor of the Green Bucks So fundamentally the dollar remains broadly weaker against the EURO in this upcoming week. But despite the dovish statement of the FED the dollar might gain a little strength in the market in the event of ISM Manufacturing PMI data. The data was significantly bad in the last couple of release but economic researchers are expecting green data which will help the dollar to recover its losses to a certain extent. Daily chart analysis Figure: Technical parameter in the EURUSD pair The medium-term uptrend in the EURUSD pair is still intact and the price is trading well above…
Comments closed
Two and a half months, the citizens of the United Kingdom voted in a referendum to leave the European Union, and after forty-three years left the umbrella of EU membership. Written a new page of history, immediately after the referendum began speculating about possible scenarios and the consequences that bring Brexit A week before the referendum on the Stock Exchange there were no obvious signs that Britain will leave the European family – the pound has strengthened. In the case of the release, which it did, provided the decline of the pound by 15 to 20 percent and raised the question – that this country could be the next, and how will this affect the financial turbulence in the euro. The pound has depreciated by 9 percent, which is not recorded since 1985, and the euro has declined by 3 percent. The expected reaction would be greater demand for the Swiss franc, the dollar, and the yen, but the problem is that the financial markets the Swiss franc has less than a euro. Swiss National Bank said it intervened in the market since the franc was under pressure after the decision of the UK to leave the European Union. In a brief statement, the Central Bank indicated that it had intervened in the monetary market in order to stabilize the situation and will remain active. Impacts of the British referendum are limited and secondary. The immediate effects of the current decline in the value of the pound and the euro…
Comments closed
The dollar rose against other major currencies after data released which showed that the US private sector, agricultural van, opened the 177,000 jobs in August. Official data showed that the US private sector, agricultural van, opened the 177,000 jobs in August, after rising 194,000 in July, while analysts expected growth of 175.000.Forex pair EUR / USD fell to 1.1131. The US currency rose against the yen, pound and Swiss franc. USD / JPY climbed to 103.42, GBP / USD fell to 1.3085, and USD / CHF jumped to 0.9845. USD / CAD rose to 1.3124, AUD / USD fell to 0.7500, while the NZD / USD dropped to 0.7235. Canadian gross domestic product rose in July by 0.6 percent after falling 0.6 percent in the previous month. Economists had predicted growth of 0.4 percent. Preliminary data showed that industrial production in Japan remained unchanged in July, after rising 2.3 percent in the previous month, while the predicted growth of 0.8 percent. The number of new houses in Japan rose in the second quarter to 8.9 percent from minus 2.5 percent in the previous quarter, while analysts expected growth of 7.4 percent. Retail sales in Germany rose in July to 1.7 percent, after falling 0.6 percent in the previous month, while analysts expected growth of 0.5 percent. The unemployment rate in the eurozone was unchanged. US stocks on Wall Street have fallen because they are better than expected data on consumer confidence index in the United States prompted concerns that the…
Comments closed