Eur/usd - page 463
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The euro recorded a decrease against the dollar during yesterday's session, which came out to loss from the beginning of the week. The pair fell 55 pips to a closing price of 1.1019. The price remains below averages, while the index of relative strength lost ground. Main target appear to be the levels of psychological barrier at 1.1000.
Yesterday EURUSD fell with a wide range and closed near the low of the day, in addition managed to close below the previous day low, thus suggesting a strong bearish momentum.
The pair managed to close below the 10-day moving average that should now act as dynamic resistance and continues to trade below the 50 and the 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1176 (resistance), the 200-day moving average at 1.1115 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1060 (support) and daily support 1.0900.
EUR/USD Technical Analysis: Major Support at $1.1016 Broken
The major trend line support is at $1.10160 (trend line joining $1.07115 and $1.082115).
The major intraday resistance is seen at $1.1061 (7-day EMA).
The pair has broken major support at $1.0160 and declined until $1.09813. It is currently trading around $1.1007.
The break below $1.0160 confirms a minor trend reversal and a decline until $1.09100/1.0870 is possible.
On the higher side, any break above $1.1061 will take the pair to $1.10900 (200 HAM) and it should close above $1.10900 for further bullishness.
Trade idea: Sell on rallies around $1.1000-1.025 with a stop loss around $1.1061 and take profit at $1.0910/1.0870.
source
Euroland Consumer Mood Markedly Soured By Brexit Vote In July
Consumer confidence fell markedly both in the euro zone and in the wider European Union in July, the European Commission (EC) said on Wednesday, indicating that the June 23 UK vote to leave the EU sent a downbeat message to the public.
The EC's flash estimate showed that the mood of shoppers in the currency bloc fell by 0.7 points to minus 7.9 in July from an upwardly revised minus 7.2 in June.
That was lower than the minus 7.3 points estimated by markets.
The pair remained without any significant changes during yesterday's session, continuing to consolidate around the psychological level at 1.1000. The euro traded within 1.1029 and 1.0981 over a three-week bottom, and ultimately lost 7 pips to 1.1012. The prevailing sentiment continues to be negative, but given the impossibility of breaking the ongoing movement range, a recovery to average values is possible.
Yesterday EURUSD initially fell but found enough buying pressure to trim most of its losses but still closed in the red, but near the high of the day, in addition managed to close within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair continues to trade below the 10, 50 and the 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1172 (resistance), the 200-day moving average at 1.1117 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1056 (resistance) and daily support 1.0900.
ECB's Draghi Says to Wait Until Post-Brexit Dust Settles
The European Central Bank (ECB) expects the euro-zone recovery to continue at a moderate pace, with second-quarter growth likely to be slower than in the first quarter, ECB President Mario Draghi said on Thursday, adding that the outlook remained tilted to the downside, in part due to worries about Brexit fallout.
He also said that the ECB will be in a better position to assess the Brexit fallout in the coming months, but offered the usual caveat that the ECB is ready to act with all of its available tools if needed.
Prior to the press conference, the central bank kept its stimulus program unchanged as policy makers tried to assess the economic damage inflicted by the UK's vote to leave the European Union.
Officials left the main refinancing rate at zero, the deposit rate at minus 0.4% and asset purchases at €80 billion a month as predicted by the markets.
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EUR/USD was trading close to unchanged yesterday, within relatively narrow range. The pair marked a slight increase of 10 pips to a closing price of 1.1023 and the intraday extremes respectively at 1.1057 and 1.0979. The respetive bottom for second consecutive day acted as a support, although during the day Mario Draghi hinted for possible further monetary stimulus later this year.