Eur/usd - page 397
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Yesterday the EURUSD went back and forward with a wide range again and closed in the middle of the daily range, in addition closed within the previous day range, suggesting lack of momentum.
The pair is trading below the 10-day moving average acting as dynamic resistance however is still trading above the 50 and the 200-day moving averages that are acting as dynamic support.
The key levels to watch are: The daily resistances at 1.1460, other daily resistance at 1.1237, the 10-day moving average at 1.1202 (resistance), a daily support at 1.1097, and the 200-day moving average at 1.1025 (support).
The US dollar rose against other major currencies on Thursday, helped by upbeat US economic data. The euro/usd fell, closing at 1.1105.
The EUR/USD is moving in a tight rang like yesterday, I will wait till next week looking for better chance.
EUR/USD found support at 1.1100, on the 4 hours chart EUR/USD failed to break and stay under the support levels.
Any increases in interest rates by the Fed this year will be seen as supporting the dollar, as foreign investors will increase demand for the dollar to benefit from higher yields on deposits.
EUR/USD Weekly: Pair Declines Over Week, But Holds 200DMA There was not much on the agenda from the macro point of view during the previous week, but the EUR/USD pair steadily declined from $1.1230 to $1.1135 and closed 1.11% lower on the week.
Monday's Mario Draghi speech did not bring anything new and the European Central Bank will most likely ease monetary policy further at the March meeting. His speech, however, sent the single currency lower around 50 pips to daily lows at $1.1120/30.
On Tuesday, German economic sentiment, according to the ZEW survey, dropped to 1.0 in February, from 10.2 previously, with the current situation subindex also moderating to 52.3 from 59.7 previously. The euro did not react to these worsening figures and was fading lower anyway.
Wednesday showed that US housing starts for January decelerated to 1,099K from 1,143K previously, which represents 3.8% decline. In addition, building permits ticked lower to 1,202K from 1,204K in December, booking a 0.2% monthly loss.
Furthermore, PPI improved notably on a monthly basis to 0.1% in January from -0.2%, with the yearly change accelerating to -0.2% from -1.0% previously. The core measure remained positive in January. These surprising figures gave hope for positive CPI data on Friday and the greenback kept weekly gains.
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EUR/USD Outlook: Market Still Above 200DMA, US Data to Support Greenback The market will start slowly positioning itself for the March European Central Bank (ECB) meeting and therefore the single currency might come under selling pressure, although it now mostly depends on the technical situation as the pair still trades above some important supports.
Macro figures will most likely help the greenback, if they don't disappoint, but the market is still not pricing any rate hikes in 2016, which should slow any US dollar appreciation.
The European calendar starts on Monday with flash PMIs (manufacturing + services) across the euro zone. Germany will publish GDP figures for the fourth quarter on Tuesday, along with Ifo surveys for February.
On Thursday, German HICP indices for December are due, followed by Spanish GDP figures for the fourth quarter. Moreover, CPI from the euro zone will be published and might cause some volatility ahead of the March ECB meeting, where the central bank will most likely loosen monetary policy further.
Friday will bring German retail sales for January and CPI + HICP figures for February. In addition, French GDP for the fourth quarter will be released.
From the US dollar perspective, the manufacturing PMI for February is expected on Monday. Tuesday will see S&P/Case-Shiller Home Price Indices for December, along with existing home sales for January. Moreover, consumer confidence for February is due.
Wednesday will bring only new home sales and there are no other data, therefore it might be a calm day on the pair.
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France Markit mftg PMI Feb flash 50.3 vs 49.9 exp Provisional data now out
On the last Friday’s session the EURUSD initially fell but found enough support to turn around and closed near the high of the day, however closed within the previous day range, suggesting a weak bullish momentum.
The pair is trading below the 10-day moving average acting as dynamic resistance however is still trading above the 50 and the 200-day moving averages that are acting as dynamic support.
The key levels to watch are: The daily resistances at 1.1460, other daily resistance at 1.1237, the 10-day moving average at 1.1203 (resistance), a daily support at 1.1097, and the 200-day moving average at 1.1025 (support).
That was a turn of event EUR/USD suddenly fell 100 pips to stay above the support levels of 1.0990 which rebounded the price more than once since Dec. 2015, I Think I will wait till I see if the pair will break the support levels or will rebound.