Eur/usd - page 523
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Good move for the last trading days in 2016.
Eurozone Markit mftg final PMI Dec 54.9 vs 54.9 exp
Final Eurozone December Markit mftg PMI 2 Jan
On the last Friday’s session the EURUSD initially rose with a narrow range but found enough selling pressure at the 50-day moving average to reverse and closed near the low of the day, although the currency pair managed to close above Thursday’s high, which suggests a weak bullish momentum.
The currency pair is trading above the 10-day moving average that should act as a dynamic support but continues to trade below the 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a Fibonacci extension at 1.0666 (resistance), a daily resistance at 1.0622, the 10-day moving average at 1.0444 (support), a daily support at 1.0462 and the new multi-year low at 1.0352(support).
On yesterday session, the EURUSD fell with a narrow range and closed near the low of the day, in addition managed to close below Friday’s low, which suggests a strong bearish momentum.
The currency pair is still closing above the 10-day moving average that should act as a dynamic support but continues to trade below the 50 and the 200-day moving averages that should act as dynamic resistances.
The key levels to watch are: a Fibonacci extension at 1.0666 (resistance), a daily resistance at 1.0622, a daily support at 1.0462, the 10-day moving average at 1.0450 (support) and the 2016 low at 1.0352(support).
Euro to US Dollar: Parity Ahoy?
Parity is now in site for EUR/USD says market analyst Bill McNamara, of broker Charles Stanley, in a note seen by PSL:
“The closing level of $1.0385 reached on December 20th represented a 14- year low and although it has subsequently recovered somewhat the consensus view in the market is that parity will be achieved before this move is over – and the chart supports that view,” he said.
Particularly strong ISM Manufacturing data has been instrumental in pushing the exchange rate lower on Tuesday afternoon after figures smashed expectations in December.
The pair has now pushed down below the previous 1.0350 14-year lows delving even deeper to 1.0341.
Rather than expecting a push all the way down to parity as now virtually a foregone conclusion, we at PSL see an initial move reaching 1.0290 where tough support is situated from the S1 monthly pivot.
The lack of correspondence, or 'convergence', from the MACD momentum indicator, which is not making new lows like the exchange rate, also introduces some doubt as to the how much lower the pair has to go.
Overall, we see a break below the new 1.0341 level reaching 1.0290 but beyond that it is in the lap of the gods.
During the last three sessions the EUR/USD pair is marking lower lows and lower highs, which is encouraging the bears. Today the pair hit 14 years low at 1.0340 and slightly rebounced later, but yet remains vulnerable. Support is located at 1.0340 (today’s low) and 1.0300 (physiological level). Resistance is seen at 1.0450 (20-day EMA) and 1.0495 (100-day EMA).
Yesterday eurusd on bearish candle but look today there are pinbar occured on daily candle