Eur/usd - page 406
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EUR/USD is trading lower today, due to major resistance in the face of the 200SMA. Main direction remains bullish, but you should have in mind that tomorrow news are scheduled for tomorrow:
- European Central Bank Rate Decision 12:45GMT
- ECB Deposit Facility Rate 12:45GMT
- ECB Marginal Lending Facility 12:45GMT
- ECB Press Conference 13:30GMT
The euro recorded a minor decline against the dollar on Tuesday. Although at the beginning of the session bullish sentiment prevailed, the single currency failed to progress. As a result, however, the pair reached the resistance at 1.1066, after peaking at 1.1057. If the positive trend continue in the future, the key level will be overcome.
Bullish above 1.1045, bearish below.
Next levels to watch for:
Support: 1.0892; 1.0822;
Resistance: 1.1066; 1.1119.
Yesterday the EURUSD tried to rally but found enough resistance at the 200-day moving average to turn around and closed near the low of the day, however closed within the previous day range, suggesting a weak bearish momentum.
The pair closed above the 10, 50-day moving averages that are acting now as dynamic support however did not managed to close above the 200 day moving average that is acting as dynamic resistance.
The key levels to watch are: A daily resistance at 1.1236, other daily resistance at 1.1097, the 200-day moving average at 1.1021 (resistance), 50-day moving average at 1.1000 (support), the 10-day moving average at 1.0947 (support) and a daily support at 1.0900.
The hourly resistance at the 1.1044 stopped the EUR/USD rally and the pair falling to the opening price, Let us see if the pair will hold over the 1.1000 support level.
Another Doji on the EUR/USD, the trading range is very tight, price rebounds to the support level quickly.
The EUR/USD reached as high as 1.1036 in yesterdays session, but couldn't keep up with the gains and retraced back below 1.10 to currently trade at 1.0962.
Price is going to trade in current range until the news today come out and the press conference takes place as traders and investors are waiting for fresh news later today.
EUR/USD tried to trade lower yesterday, bottomed at 1.0945 but closed higher at 1.0999. The alerts are neutral in nearest term, probably with slight bearish signals for re-testing 1.0945. A clear break below that level could lead to further downward pressure to test 1.0900 key support. On the upside, 1.1065 - 1.1100 remains an important area of resistance. A clear break and daily close above that area is possible to activate the bullish pattern to test 1.1250. On the other hand, a clear break and daily close below 1.0900 will unchain bears on the downside with targets around 1.0800 or lower.
Yesterday EURUSD went back and forward without any clear direction although with a wide range and closed in the middle of the daily range, in addition managed to close within the previous day range, suggesting a lack of momentum and strong indecision among traders.
The pair closed above the 10-day moving average that is acting as dynamic support however did not managed to close above the 50 and the 200-day moving averages that are acting as dynamic resistance.
Today the markets are expecting an unchanged interest rate for the Euro zone and foremost the ECB president Mario Draghi speech looking for clues on a potential increase of QE due to the global economy slowdown.
The key levels to watch are: A daily resistance at 1.1236, other daily resistance at 1.1097, the 200-day moving average at 1.1021 (resistance), 50-day moving average at 1.1000 (resistance), the 10-day moving average at 1.0954 (support) and a daily support at 1.0900.