Eur/usd - page 492
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Yesterday the EURUSD initially fell but found enough buying pressure to reverse but closed in the middle of the daily range, in addition managed to close below the previous day low, which suggests a bearish momentum.
The pair closed below the 10 and 50-day moving average that should act as dynamic resistances and is still above the 200-day that is acting as dynamic support.
The key levels to watch are: a 61.8% Fibonacci retracement at 1.1347 (resistance), 50% Fibonacci retracement at 1.1264, a daily resistance at 1.1237, the 200-day moving average at 1.1202 (support), a Fibonacci retracement at 1.1181 (support) and a daily support at 1.1097.
Hello All,
In my view EURUSD is just selling on rally. Given the moves in dollar, strength in US economy and diverging monetary policy outlook I strongly believe in this view. While for now, it keeps oscillating within the range of 1.10 and 1.14.
Hello All,
In my view EURUSD is just selling on rally. Given the moves in dollar, strength in US economy and diverging monetary policy outlook I strongly believe in this view. While for now, it keeps oscillating within the range of 1.10 and 1.14.
EUR/USD Elliott Wave Update Ahead Of Friday’s NFP Numbers
The current Elliott Wave count is focused on the price action from a spike high of 1.1366 on August 18. It is viewed that a 55-day correction from Brexit lows completed at the level and that a bearish turn has taken place. The broader view suggests that EUR/USD is in a bearish structure from early May highs.
The previous Elliott Wave update published on September 27 indicated that a push down towards range lows was expected, followed by a sharp retracement. On Tuesday, EUR/USD decline towards range lows hitting a bottom at 1.1137, the low has been marked as wave (A). Following the low, a deep retracement took place, as a sharp reversal on Tuesday took the pair to a high of 1.1238. While Tuesday’s high may have completed wave (B), indicating that the pair ready to turn lower once again in wave (C) of wave (Y), further price action is needed to confirm that the high is in fact in place. For that reason, wave (B) has not marked as complete as of yet.
The next expected leg lower will be wave (C) of wave (Y). The reason the structure lower from September 8 highs at 1.1327 has been marked as WXY is because the decline is taking the form of a double corrective structure. Essentially, two back to back zig zags.
Elliott Wave analysis is heavily focused on price action, with little to no element of time analysis. By combining Elliott Wave analysis with fundamental analysis, it can be speculated that a technical break may occur this week. Fundamental news often acts as a catalyst for volatility in the markets. With the volatile NFP data release scheduled on Friday, there is a reasonable expectation that a downside break will occur this week.
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The euro posted neutral trading gainst the US dollar on Wednesday. The opening price almost coincided with that of the closing, respectively, 1.1202 and 1.1203. The trend fluctuated in a narrow range. Consodidation continues. Suport is located at 1.1122 and resistance is seen at 1.1284.
Yesterday the EURUSD went back and forward without any clear direction but closed in the middle of the daily range, in addition managed to close within the previous day range, which suggests being clearly neutral, neither side is showing control.
The pair is trading below the 10 and 50-day moving average that are acting as dynamic resistances but is still above the 200-day that is acting as dynamic support.
The key levels to watch are: a 61.8% Fibonacci retracement at 1.1347 (resistance), 50% Fibonacci retracement at 1.1264, a daily resistance at 1.1237, the 200-day moving average at 1.1202 (support), a Fibonacci retracement at 1.1181 (support) and a daily support at 1.1097.
EUR/USD Nears Critical Support Levels Ahead Of Friday’s Jobs Report
EUR/USD pushed lower today on a stronger Dollar, as the Greenback was seen outperforming all of its counterparts on the day, and remains the top performer for the week.
The Dollar gained momentum to the upside on Tuesday, resulting in a break of the 200-period daily moving average in the US Dollar index (DXY). There was little follow through on Wednesday, creating some uncertainty to the technical break, but a push higher today shows the index scaling an important resistance level. DXY has cleared a horizontal level at 96.36 and was last seen trading at 96.66 for a gain of 0.51% on the day. The level has triggered notable turns in the index, acting as support in the early stages of the decline from December, and as resistance in July. Markets are showing optimism towards tomorrow’s data release, with the Greenback extending higher even after the European close.
Several important technical breaks have been seen this week as a result of strength in the Dollar. USD/JPY has broken above a declining channel that had contained price action over the past nine months. The pair followed through and is on track to post an eight consecutive day of gains. The exchange rate is up 255 points or 2.52% this week. GBP/USD dropped below a rising trendline that connects early July lows with mid-August lows at the start of the week with a gap lower. The pair has lost 386 points or 2.97% in the week thus far. Technical breaks have been seen in precious metals as Gold prices fell through significant support at $1305 leading to a break of a rising trendline from December lows. Silver prices have lost the most this week, with losses for the week extending over 10% earlier today.
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