Eur/usd - page 353
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Yesterday the EURUSD initially fell testing for the 4[SUP]th[/SUP] time the Fibonacci extension at 1.0703 but quickly recovered and closed in the green near the high of the day, shy below of the 10-day moving average.
The key levels to watch are the 1.0900 (Resistance), 1.0819 (resistance), the 10-day moving average at 1.0797 (resistance), a Fibonacci extension at 1.0703 (Support) and 1.0622 (Support).
Europe Closes in Red on Foreign Influence, Mixed GDP Data European stock markets finished in the red on Friday, mirroring the development overseas, while investors digested a set of GDP readings from across the bloc.
Germany's DAX 30 index closed with a loss of 0.69% at 10,708.40, while the UK's FTSE 100 index decreased 0.98% to end at 6,118.28 points.
Among the other indices, the French CAC 40 dropped 1.00% to 4,807.95, while the pan-European Euro Stoxx 50 index slipped 0.80% to finish at 3,360.65 points.
Stocks in Asia were traded weaker on Friday as well, with the Hang Seng down over 2%, taking clues from Wall Street overnight, with the Standard & Poor's 500 index closing Thursday's session 1.40% lower.
Analysts are saying that the US Federal Reserve is likely to lift rates as soon as its December meeting. For now, traders digested the US retail sales report for October that missed expectations.
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EUR/USD rebounded again to under 1.08 levels EUR/USD can possibly continue dropping but first price need to close under support level 1.0725 which is lowest price since mid April.
1.0708 was a strong support level last week, I think that it will be the key level in the next week for the EUR/USD.
EUR/USD forecast for the week of November 16, 2015 The EUR/USD pair went back and forth during the course of the week, eventually forming a neutral candle. It appears that the market is trying to find a little bit of support so we can bounce, but quite frankly the uptrend line from the ascending triangle that had previously been controlling the market should continue to offer quite a bit of resistance. Any rally at this point in time that show signs of exhaustion should be a selling opportunity as the market will then reach down towards the 1.05 handle.
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EU Preview: Germany vs Draghi - Countdown to December ECB Meet IVEU Preview: Germany vs Draghi - Countdown to December ECB Meet IV In a speech delivered three years ago, the president of Germany's Bundesbank, Jens Weidmann, compared - albeit not directly - Mario Draghi to a devil after the European Central Bank (ECB) president suggested quantitative easing (QE) in the euro zone. Weidmann reminded an audience at the time of a scene in Goethe’s Faust, in which the devil, Mephistopheles, tempts the ruler telling him that he doesn't need to reduce his expenditure by income. You can print more money, the devil suggested.
That's how the German central banker warned what a dangerous thing quantitative easing may become.
It's clear that QE is deeply unsettling for many Germans and the ECB’s monetary policies are riling them again. Their fears are based both on historic experience with skyrocketting inflation between the two world wars and persisting fears that other members of the euro zone, including big countries like France or Italy, will eventually resort to backtracking on their promises to reform their economies and bring their deficit budgets under control.
Germany's top brass in the world of finance, be it its central bankers or political leaders, stood against QE back in January, ahead of the actual launch of the €60-billion-a-month bond-buying program. Now, when the ECB policymakers including Draghi himself are contemplating stimulus expansion, perhaps as soon as at their next policy meeting on December 3, Germans are raising their voices again.
It is, therefore, very likely that the German chorus will grow into a crescendo in the two weeks ahead.
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EUR/USD Forecast Nov. 16-20 EUR/USD reached down to new lows. Inflation numbers and a key German survey stand out Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Some ECB members had doubts about action in December, but Draghi stepped up to reiterate his stance for a need to lift inflation. GDP figures were almost OK, with slower growth in Germany and in the euro-zone. In the US, Fed officials leaned towards a hike, but it wasn’t a clear cut.
Updates:
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GBP/USD: Pound Claws Back Losses After Last Week's Rout
On the back of a dovish BoE meeting and weak UK inflation forecast, the pound fell more than 300 pips or 2.16% during the last two days of last week; it had closed at $1.5386 on Wednesday and finished at $1.5050 on November 6.
The decline was not helped by blockbuster numbers in US non-farm payrolls last Friday as 271,000 new jobs were created in October, easily eclipsing the 185,000 payrolls markets had been expecting to see. This saw the pound fall to one-month lows versus the dollar.
The week beginning 9 November could be considered a macroeconomic hinterland. With little in the way of updates, the pound was reliant on market sentiment, primarily focused on the December rate hike speculation to lift it from the doldrums.
On Monday the sterling was seen recovering from the latest sell-off, up 0.49% to trade at $1.5118 after recovering from its three-day losing streak.
Tuesday saw a speech by avowed dove Chicago Fed President Charles Evans. In an unexpected move, the usually conservative Evans softened his tone. Evans said he wouldn't dissent to a rise in rates in December in the event of a majority consensus, which suggests that the barriers for inaction next month appear to be peeling away by the day.
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On Friday session the EURUSD initially fell with a narrow range, creating an inside day and closed in the red at the middle of the daily range.
The pair failed for the 2[SUP]nd[/SUP] time to close above the 10-day moving average and continues to consolidate in a tight range from 1.0703 up to 1.0819. A close outside these ranges would suggest the beginning of a trend.
The key levels to watch are the 1.0900 (Resistance), 1.0819 (resistance), the 10-day moving average at 1.0764 (resistance), a Fibonacci extension at 1.0703 (Support) and 1.0622 (Support).
The single currency recorded a decrease against the US dollar on Friday. The session started at 1.0821 and after divergent trading during the day the euro lost 71 pips. The graphics continue to develop under the moving average, while the index of relative strength remained in neutral territory. If the pair continues to move down, it is very likely to try to test the first support at 1.0676.