Eur/usd - page 507
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The euro continued sloping downwards on Monday and closed at lowest level for over a year. The single currency depreciated by 96 pips to 1.0736. The downward trend was broken by positive data on industrial production in the eurozone, but reached intraday low at 1.0708. Technicalyl bears continue to dominate. Yesterday's low level is a major challenge and crucial for long-term attitudes.
Yesterday the EURUSD fell with a wide range, making a new 2016 low at 1.0709 and closed in near the low of the day, in addition the pair managed to close below previous day low, which suggests a strong bearish momentum.
The pair is trading well below the 10, 50 and the 200-day moving average that should act as dynamic resistances.
The key levels to watch are: the 10-day moving average at 1.0962 (resistance), a daily resistance at 1.0900, other daily resistance at 1.0819 (support), the new 2016 low at 1.0709 (support) and a Fibonacci extension at 1.0666 (support).
Technical readings are showing strong bearish trend. A possible break below 1.0730 will lead to lower levels around 1.0700.
For seventh consecutive day the euro continued sloping downwards against the dollar adn reached a new 11-month low. The positive macro data in the euro zone failed to support the EUR/USD. The psychological support at 1.0700 appears now main target.
Yesterday the EURUSD tried to rally but found enough resistance near 1.0818 to give all tis gains back to the market and closed in near the low of the day, although the pair managed to close within the previous day range, which suggests being slightly on the bearish side of neutral.
The pair is trading well below the 10, 50 and the 200-day moving average that should act as dynamic resistances.
The key levels to watch are: the 10-day moving average at 1.0924 (resistance), a daily resistance at 1.0900, other daily resistance at 1.0819 (support), the new 2016 low at 1.0709 (support) and a Fibonacci extension at 1.0666 (support).
EUR/USD Breaks Support, Further Losses Likely
EUR/USD dropped below support at the low established in early January at 1.0710 in today’s trading. The break of support leaves the next intermediate term target for the pair at the low established in early December at 1.05237. The pair is currently trading at 1.0686.
Today’s decline in EUR/USD has taken place as the dollar continues to exhibit resilience despite being heavily overbought. The greenback advanced to a new 14-year high today, with a move to 100.57 and is currently trading at 100.41.
Expectations for an interest rate increase should continue to bolster dollar strength and keep EUR/USD under pressure. At present, fed fund futures are pricing in a 90.6% probability of an interest rate increase at the December FOMC meeting, up from 85.8% at the start of the week.
Today’s release of Producer Prices in the US did not undermine the probabilities of an interest rate increase. The index for final demand was unchanged, while the index for final demand, less food and energy, was down 0.2%. Year-over-year, however, the index for final demand is up 0.8% versus 0.7% in September, the largest 12-month increase since December 2014. Thus, the data should not discourage the Fed from raising interest rates at the December FOMC meeting.
Despite the likelihood of further weakness in EUR/USD on an intermediate term basis, short term rally attempts will play out, given the extreme oversold condition. However, another rebound from current levels appears best used as a selling opportunity.
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The euro continued to suffer and depreciated by 31 pips to reach a new yearly low at 1.0689. Consolidation at the respective levels will ease the bears to continue the downward direction. Support now is seen at 1.0660 and resistance is placed at 1.0820, and next at 1.0945.
Yesterday the EURUSD went back and forward without any clear direction although made a new 2016 low but closed in the middle of the daily range, however the pair managed to close below the previous day range, which suggests a bearish momentum.
The pair is trading well below the 10, 50 and the 200-day moving average that should act as dynamic resistances.
The key levels to watch are: a daily resistance at 1.0900, the 10-day moving average at 1.0880 (resistance), other daily resistance at 1.0819 (resistance), a Fibonacci extension at 1.0666 (support) and a daily support at 1.0622.