Eur/usd - page 556

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Ahead of the important macro events this week ,the EUR/USD pair seems to range bounded.
The risk to the downside remains limited until the pair holds above the 1.12 handle. But to confirm a strong bullish run is needed a break through the 1.13 mark.  

 
Everyone is waiting for Thursday to make a decision on the EURUSD. For now the pair is consolidating just below the 1.1300 level without much change. Depending on what Mario Draghi says on Thursday, there could be a lot of volatility on the Euro.
 

On yesterday session, the EURUSD rose with a narrow range and closed near the high of the day,  plus the currency pair closed within Monday’s range, which suggests being slightly on the bullish side of neutral.

 

The currency pair is trading above the 10, 50, and 200-day moving averages that should provide dynamic support.

 

The key levels to watch are: a Fibonacci extension at 1.1291, a daily support at 1.1237, the 10-day moving average at 1.1224 (support), a daily support at 1.1097, previous wing high at 1.1021 (support) and a key level at 1.0970 (support).

 

The EUR/USD pair retreated from the fresh highs and marked a weely low at 1.1204 ahead of the ECB meeting. Short term has turned to be slightly bearish. The pair broke below the 20-day SMA, but still is holding above the 100-day SMA.

 

On yesterday session, the EURUSD initially fell with a wide range but found enough buying pressure around the 10-day moving average to trim most of its losses however closed in the red nonetheless near the high of the day, in addition the currency pair managed to close within Tuesday’s range, which suggests being slightly on the bullish side of neutral.

 

The currency pair is trading above the 10, 50, and 200-day moving averages that should provide dynamic support.

 

The key levels to watch are: a Fibonacci extension at 1.1373 (resistance), other Fibonacci extension at 1.1291 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1232 (support), a daily support at 1.1097, previous wing high at 1.1021 (support) and a key level at 1.0970 (support).

 
This Wednesday, the dollar took 20 pips from the single currency's account. The session was dynamic and at the beginning of the day one euro was exchanged for 1.1276 dollars. With rapid pace the bears led the course in their direction. They broke the support at 1.1256 and recorded bottom at 1.1203. The battered players managed to mobilize and three hours later they recorded a peak at 1.1281. The last quote for the day was 1.1256.
 

EUR/USD fell to 1.1180 after having marked daily high at 1.1237 yesterday. The pair was affected by the election  in UK which caused huge sell-off in GBP. ECB are not going to lower rates soon, but however this didn’t supported the single currency to gain ground.

 

On yesterday session, the EURUSD fell with a wide range and closed near the low of the day, however managed to close within Wednesday’s range, which suggests being slightly on the bearish side of neutral.

 

The currency pair closed below the 10-day moving average that should provide dynamic resistance however is still trading above the 50 and 200-day moving averages that should provide dynamic support.

 

The key levels to watch are: a Fibonacci extension at 1.1373 (resistance), other Fibonacci extension at 1.1291 (resistance), a daily resistance at 1.1237, the 10-day moving average at 1.1234 (resistance), a daily support at 1.1097, previous wing high at 1.1021 (support) and a key level at 1.0970 (support).

 
For a second consecutive session, the euro is cheaper against the dollar. The single currency lost 42 pips. The day was found at 1.1254, and in the first hours the course was moving around the resistance at 1.1256. Prior to noon, the bulls recorded their peak at 1.1268, then dropped sharply to the bottom at 1.1194. At the end of the session one euro was exchanged for 1.1212 dollars.
 

After having a very  turbulent week with EUR/USD falling below 1.12 mark, the week ahead is suggesting a modest downward corrective movement for the pair. Anyway, the pair is not seen below 1.10 although we have Fed’s meeting on Wednesday and possible rate hike is expected.

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