Eur/usd - page 410
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Waiting to short at 1.1410
EUR/USD: Euro Loses Ground on Technical Trading The euro was slightly lower on Friday after two consecutive days of significant gains, experiencing a typical pullback after a big move.
The pair traded 0.32% lower at $1.1278 in the early European morning, still up some 1.15% since the start of the week.
European Central Bank (ECB) Executive Board member Peter Praet said in a speech that another rate cut might be possible and the ECB still has measures available. He also declared that the depo rate has not yet reached its lower boundary.
Praet tried to downplay the feeling that the ECB has wasted all its ammunition and now can only watch and wait. This caused the euro to fall even further, as interest rates deeper in negative territory lowers the demand for the currency.
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Interesting levels to watch for:
Support: 1.1240; 1.1070; 1.0790;
Resistance: 1.1380; 1.1485.
Danske bank: EUR / USD below 1.10? Possible, but not likely.
The EUR/USD is trading close to yesterday's levels around 1.13, currently at 1.1272. Main trend remains bearish with first resistance at 1.1410, which is where bulls are trying to go. On the other hand, first support level is 1.1140.
ECB signaled that they reached the peak at negative interest rates after a year and a half of implementation without significant result. This does not mean that these incentives will not stay long in power. Probably zero interest rates will persist, which will benefit industrial companies and major European exporters. Commercial banks will suffer from interest rate policy, with continuing heavy restructuring. There is no reason to expect a significant change in the exchange rate of the euro against the dollar over the next six months, a modest increase in US interest rates will not be enough to boost the dollar.
EUR/USD Weekly: Euro Victorious After Fed Shootout, Dollar Licks Its Wounds The euro performed pretty well against the greenback over the week, mainly as the result of the Federal Reserve's (Fed) comment this week about fewer-than-expected interest rate hikes in 2016, and European Central Bank (ECB) President Mario Draghi's press conference the week before when he said there would be 'no further' interest rate cuts.
The EUR/USD pair climbed 1.05%to finish at $1.1270 over the week, as the US dollar suffered on the back of the Fed's statement after its latest policy meeting this week, when the US central bank kept interest rates on hold but more importantly reduced their earlier prediction of four rate hikes in 2016 to just two.
The Fed policymakers said that even though the US economy has showed some improvement, especially from the labor market's perspective, there is still a high risk from overseas and a volatile global market performance could significantly influence the situation in the US.
Despite the fact that the euro was lower after the ECB announcement on March 10, the currency was supported during Draghi's presser when he said there 'would be no further cuts'.
All these statements brought volatility to the pair, with the euro managing to outperform its American peer over the week.
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EUR/USD forecast for the week of March 21, 2016
USD felt cheap thrills this week, but still can feel the beat on years of rally and the closeness of near-decade high.
Basically the price is still in bullish phase but it’s needed a clear break and persuasive movement above the trendline and 1.1340 for the continuation of the bullish phase targets near 1.1500. On the downside, key support remains 1.1240 - 1.1200.