Daily Forex News by XtreamForex.com

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EUR / USD

 

The EUR declined 0.32% against the USD on Friday and closed at 1.1157.

 

The Euro was under pressure early in the prior week as sentiment surged towards the USD following some comments from the Fed’s Janet Yellen which suggested that the requirements for a rate hike had almost been met. Subsequently, it is salient to take a quick look at what occurred last week and what is potentially on the horizon for the pair.

 

The pair is expected to find support at 1.1172 and fall through could take it to the next support level 1.1169

 

The pair is expected to find its first resistance at 1.1180 and arise through could take it to the next resistance level of 1.1185

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FOREX – Market Morning Briefing

 

 

The expectation of a rate hike next week turned lower with some disappointing US data released yesterday. Volatility and some choppy movement are possible in the currency pairs before the FOMC.

 

The US Dollar Index (95.289) is likely to remain choppy in the 95.67-94.70 region before the FOMC next week.

 

The Euro (1.1241) is choppy and may trade sideways for a few sessions. The currency could be trapped between immediate resistance and support levels near 1.13 and 1.120 respectively.

 

Dollar Yen (102.049) is trading along the resistance near 103 (revised from 103.50-104) and is trapped in the 101-103 region for now. Scope of a fall towards 100.00-99.55 is possible while 103 holds but that may come in only in the latter half of next week. Else continuous re-testing of the upper resistance could lead to an eventual breakout on the upside in the longer term. As mentioned yesterday the broad 100-105 region could hold on for several days.

 

Pound (1.3231) looks poised for now and may be ready to come down towards 1.3125 or lower in the coming sessions. Near term looks bearish. But thereafter (probably by the end of next week) it could try to rise back towards 1.3450.

 

The Aussie (0.7522) bounced back from levels near 0.744 and could probably try to move towards 0.76 in the coming sessions. The support on the 3-day candle chart has held well and may keep the prices up in the near term.

 

The Chinese Yuan (USDCNY = 6.6707) is trading just above important support and if that holds, it could rise back towards 6.70 or maybe higher in the next couple of weeks.

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EUR/USD – Daily Market News By XtreamForex

 

 

The EUR declined 0.21% against the USD and closed at 1.1200. The currency pair is trading below its 20 Hr and 50 Hr moving averages.

 

Germany’s producer price index unexpectedly dropped by 0.1% on a monthly basis in August, compared to market expectations for a flat reading and following a rise of 0.2% in the prior month.

 

Macroeconomic data released in the US indicated that housing starts dropped more-than-expected by 5.8% on a monthly basis in August, to an annual rate of 1142.0K, dampening optimism over the health of the nation’s housing sector. Markets were anticipating housing starts to ease to a level of 1190.0K, compared to a revised level of 1212.0K in the previous month. Additionally, the nation’s building permits surprisingly fell by 0.4% MoM in August, to an annual rate of 1139.0K, compared to a revised reading of 1144.0K in the previous month.

 

During Asian session the pair was trading at 1.1154, with the EUR trading marginally higher against the USD from yesterday’s close.

 

The pair is expected to find support at 1.1128, and a fall through could take it to the next support level of 1.1101.

 

The pair is expected to find its first resistance at 1.1197, and a rise through could take it to the next resistance level of 1.1239.

 

All investors attention to the outcome of the Federal Reserve’s monetary policy meeting, scheduled to be held later today.

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EUR/USD - Daily Market News By XtreamForex

The EUR rose 0.17% against the USD and closed at 1.1207. The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

During Asian session  the pair ass trading at 1.1196, with the EUR trading 0.1% lower against the USD from yesterday’s close.

 

The pair is expected to find support at 1.1166, and a fall through could take it to the next support level of 1.1135.

The pair is expected to find its first resistance at 1.1242, and a rise through could take it to the next resistance level of 1.1287.

 

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Daily Technical Analysis By XtreamForex

 

EUR/USD

 

The EUR declined -0.09% against the USD today during asian session. EUR/USD market wasclosed at 1.1240 on Friday.

 

 

GBP/USD

 

Today GBP declined -0.32% against the USD during Asian session and market was closed at 1.2978 on Friday.

 

 

USD/CHF

 

Today CHF rise +0.09% against the USD  during asian asession and the pair was closed at 0.9715 on Friday.

 

 

Read More in details From xtreamforex analysis archive 

 

 

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Daily Technical analysis

 

EUR/USD 

 

 

Technical Overview:

Prev. Close      1.1211
Open               1.1211
Day’s Range    1.1205 - 1.1216
52 wk Range    1.0538 - 1.1616
1-Year Return  - 0.04%

 

Support and Resistance:

Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.1207 below which 1.1203 and 1.1199 could be tested. On the other side the immediate resistance 1.1215 and may go for further test 1.1219. A break beyond the last, doors will open for a test of 1.1223.

 

Technical Indication: Strong Sell

 

 

GBP/USD

 

Technical Overview:

Prev. Close      1.2836
Open               1.2836
Day’s Range    1.2829 - 1.286
52 wk Range    1.2796 - 1.5513
1-Year Return  - 15.4%

 

Support and Resistance:

Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is placed at 1.2831 below which 1.2819 and 1.2806 could be tested. On the other side the immediate resistance 1.2855. A break beyond the last, doors will open for a test of 1.2867 and from there to 1.2880.

 

Technical Indication: Strong Sell

 

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EUR/USD 

 

 

Technical Overview:

Prev. Close      1.1054
Open               1.1054
Day’s Range    1.1042 - 1.1068
52 wk Range    1.0538 - 1.1616
1-Year Return  - 2.75%

 

Support and Resistance:

Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.1050 below which 1.1041 and 1.1033 could be tested. On the other side the immediate resistance 1.1066. If market breaks the immediate resistance then door will open for a test of 1.1075 and from there to 1.1083.

 

Market Trending: Down

 

 

GBP/USD

 

Technical Overview:

Prev. Close      1.2124
Open               1.2124
Day’s Range    1.2106 - 1.2319
52 wk Range    1.1450 - 1.5513
1-Year Return  -20.09

 

Support and Resistance:

Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is at 1.2096 below which 1.2070 and 1.2043 could be tested. On the other side the immediate resistance 1.2150. If market breaks the immediate resistance then door will open for a test of 1.2176 and from there to 1.2203.

 

Market Trending: Down

 

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EUR/USD 

 

 

Technical Overview:

Prev. Close      1.0889
Open               1.0889
Day’s Range   1.0875 - 1.0892
52 wk Range   1.0538 - 1.1616
1-Year Return - 1.62%

 

Support and Resistance:

Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.0883 below which 1.0877 and 1.0872 could be tested. On the other side the immediate resistance 1.0893 and may go for further test 1.0899. A break beyond the last, doors will open for a test of 1.0904

 

Upcoming Economic News:

 

1.       EUR - GfK German Consumer Climate

2.       EUR - German Import Prices m/m

3.       EUR - Italian Retail Sales m/m

GBP/USD

 

Technical Overview:

Prev. Close      1.2190
Open               1.2190
Day’s Range   1.2159 - 1.2191
52 wk Range   1.1450 - 1.5498
1-Year Return - 20.74%

 

Support and Resistance:

Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is placed at 1.2173 below which 1.2158 and 1.2143 could be tested. On the other side the immediate resistance 1.2203. A break beyond the last, doors will open for a test of 1.2218 and from there to 1.2233.

 

Upcoming Economic News:

 

1.      GBP - BBA Mortgage Approvals

 

USD/JPY

 

Technical Overview:

Prev. Close      104.23
Open               104.23
Day’s Range   104.03 - 104.38
52 wk Range   99.08 - 123.69
1-Year Return  -13.98%

Support and Resistance:

Daily Camarilla Technical analysis shows USD/JPY pair may finds the immediate support at 104.16 below which 104.09 and 104.01 could be tested. On the other side the immediate resistance 104.30. A break beyond the last, doors will open for a test of 104.37 and from there to 104.45

 

Upcoming Economic News:

1.      USD - Crude Oil Inventories

 

2.      USD - New Home Sales

 

3.      USD - Flash Services PMI

 

4.      USD - Prelim Wholesale Inventories m/m

 

5.      USD - Goods Trade Balance

 

USD/CAD

 

Technical Overview:

Prev. Close      1.3351
Open               1.3351
Day’s Range   1.3333 - 1.3359
52 wk Range   1.2458 - 1.4692
1-Year Return 1.51%

Support and Resistance:

Daily Camarilla Technical analysis shows USD/CAD pair may finds the immediate support at 1.3276 below which 1.3266 and 1.3255 could be tested. On the other side the immediate resistance 1.3298. A break beyond the last, doors will open for a test of 1.3308 and from there to 1.3319.
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EUR/USD 

Technical Overview:
Prev. Close    1.0889
Open        1.0889
Day’s Range    1.0875 - 1.0892
52 wk Range    1.0538 - 1.1616
1-Year Return    - 1.62%
Support and Resistance:
Daily Camarilla Technical analysis shows that, the EUR/USD pair may finds the immediate support at 1.0883 below which 1.0877 and 1.0872 could be tested. On the other side the immediate resistance 1.0893 and may go for further test 1.0899. A break beyond the last, doors will open for a test of 1.0904
Upcoming Economic News: 
1.    EUR - GfK German Consumer Climate
2.    EUR - German Import Prices m/m
3.    EUR - Italian Retail Sales m/m
GBP/USD
Technical Overview:
Prev. Close    1.2190
Open        1.2190
Day’s Range    1.2159 - 1.2191
52 wk Range    1.1450 - 1.5498
1-Year Return    - 20.74%
Support and Resistance:
Daily Camarilla Technical analysis shows that GBP/USD pair finds the immediate support is placed at 1.2173 below which 1.2158 and 1.2143 could be tested. On the other side the immediate resistance 1.2203. A break beyond the last, doors will open for a test of 1.2218 and from there to 1.2233.
Upcoming Economic News: 
1.    GBP - BBA Mortgage Approvals
USD/JPY
Technical Overview:
Prev. Close    104.23
Open        104.23
Day’s Range    104.03 - 104.38
52 wk Range    99.08 - 123.69
1-Year Return      -13.98%
Support and Resistance:
Daily Camarilla Technical analysis shows USD/JPY pair may finds the immediate support at 104.16 below which 104.09 and 104.01 could be tested. On the other side the immediate resistance 104.30. A break beyond the last, doors will open for a test of 104.37 and from there to 104.45
Upcoming Economic News: 
1.    USD - Crude Oil Inventories
2.    USD - New Home Sales
3.    USD - Flash Services PMI
4.    USD - Prelim Wholesale Inventories m/m
5.    USD - Goods Trade Balance

USD/CAD
Technical Overview:
Prev. Close    1.3351
Open        1.3351
Day’s Range    1.3333 - 1.3359
52 wk Range    1.2458 - 1.4692
1-Year Return    1.51%

Support and Resistance:
Daily Camarilla Technical analysis shows USD/CAD pair may finds the immediate support at 1.3276 below which 1.3266 and 1.3255 could be tested. On the other side the immediate resistance 1.3298. A break beyond the last, doors will open for a test of 1.3308 and from there to 1.3319.
 

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EUR/USD 

Technical Analysis Overview:

Prev. Close      1.0986
Open               1.0991
Day’s Range   1.0961 - 1.0991
52 wk Range   1.0538 - 1.1616
1-Year Return - 0.32%

 

 

Support and Resistance:

Daily Camarilla Forex Technical analysis shows that the EUR/USD pair may find the immediate support at 1.0982 below which 1.0980 and 1.0979 could be tested. On the other side the immediate resistance 1.0984 and may go for further test 1.0986. A break beyond the last, doors will open for a test of 1.0987

 

 

Upcoming Economic News:

1.      EUR - German Retail Sales m/m at 10.00 AM

 

2.      EUR - CPI Flash Estimate y/y at 01.00 PM

 

3.      EUR - Core CPI Flash Estimate y/y at 01.00 PM

 

4.      EUR - Prelim Flash GDP q/q at 01.00 PM

 

5.      EUR - Italian Prelim CPI m/m at 01.00 PM

 

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GBP/USD

 

Technical Overview:

Prev. Close      1.2192
Open               1.2187
Day’s Range   1.2176 - 1.2215

52 wk Range   1.1450 - 1.5498
1-Year Return - 21.01%

 

 

Support and Resistance:

Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2204 below which 1.2200 and 1.2197 could be tested. On the other side the immediate resistance 1.2210. A break beyond the last, doors will open for a test of 1.2214 and from there to 1.2217.

 

 

Upcoming Economic News:

1.      GBP - Net Lending to Individuals m/m at 12.30 PM

 

2.      GBP - M4 Money Supply m/m at 12.30 PM

 

3.      GBP - Mortgage Approvals at 12.30 PM

 

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USD/JPY
Technical Overview:
Prev. Close      104.14
Open               104.14
Day’s Range   103.67 - 104.17
52 wk Range   99.08 - 123.69
1-Year Return  - 13.81%
 Support and Resistance:
Daily Camarilla Technical analysis shows USD/JPY pair may find the immediate support at 103.69 below which 103.67 and 103.65 could be tested. On the other side the immediate resistance 103.73. A break beyond the last, doors will open for a test of 103.75 and from there to 103.77.

Upcoming Important Economic News: 
1.      USD - ADP Non-Farm Employment Change at 03.15 PM
2.      USD - Crude Oil Inventories at 05.30 PM
3.      USD - FOMC Statement at 09.00 PM
4.      USD - Federal Funds Rate at 09.00 PM
  
USD/CAD
Technical Overview:
Prev. Close      1.3390
Open               1.3390
Day’s Range   1.3384 - 1.3402
52 wk Range   1.2458 - 1.4692
1-Year Return +2.24%

Support and Resistance:
Daily Camarilla Forex Technical analysis shows USD/CAD pair may find the immediate support at 1.3383 below which 1.3376 and 1.3369 could be tested. On the other side the immediate resistance 1.3397. A break beyond the last, doors will open for a test of 1 1.3404 and from there to 1.3411.
Upcoming Economic News:
1.      CAD - Gov Council Member Wilkins Speaks at 08.30 PM

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EUR USD Forecast for the Week 07 to 11 November, 2016

EUR/USD recovered at the beginning of November. EUR/USD had a highly productive time last week as it climbed to its highs over the last 3 weeks. It was largely helped by the weakness in the USD across the board as global risks continued to dominate the headlines. Euro-zone inflation remains subdued. Despite a rise in the headline CPI, core inflation did not budge, causing a headache for the ECB. GDP growth was OK as 0.3%, but also failed to excite. In the US, the FED and the NFP had their word ahead of the elections. Clinton remains in the lead, albeit a narrower one, due to the FBI Effect. The US Non-Farm Payrolls were quite upbeat, with the biggest gain in wages since 2009, but markets focus on the elections.

 

 

EUR USD Technical Forecast:

Previous week close 1.1138

 

Current Week Open: 1.1061

 

Today’s Market Range: 1.1055 - 1.1141

 

52 wk Range: 1.0538 - 1.1616

 

 

Support and Resistance Forecast:

S 1: 1.1119

 

S 2: 1.1099

 

S 3: 1.1080

 

 

R 1: 1.1157

 

R 2: 1.1177

 

R 3: 1.1196

 

Read More : Daily & Weekly Analysis

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Daily Forex News 15th November, 2016
EUR USD
Today forex news shows EUR market decreased -0.40% against the USD yesterday. EUR USD market closed at 1. 0737. Today market will range 1.0709 – 1.0840
Today the EUR / USD started at 1.0745 in Asia, up from yesterday close. The EUR USD is trading now at 1.0752, which is 0.14% up from today’s opening price.
Today we have the German Preliminary GDP that will be released during the early Euro session and the retail sales data that will be released from the US just before the beginning of the NY session. Both these data would be watched closely to see the strengths of the relative economies and in the US, it would be watched to see if the data meets or exceeds expectations so that it would help to further confirm the market expectations for a hike by the US Fed in December. Any miss in the retail sales data would be USD negative in the short term and could give some respite for the bulls in the EURUSD pair.
Daily Technical Support and Resistance:
As per Camarilla Forex Technical analysis the EUR/USD pair may find the immediate support at 1.0724. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0710 and 1.0697.
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Daily Forex News 15th November, 2016

 

EUR USD

 

Today forex news shows EUR market decreased -0.40% against the USD yesterday. EUR USD market closed at 1. 0737. Today market will range 1.0709 – 1.0840

 

Today the EUR / USD started at 1.0745 in Asia, up from yesterday close. The EUR USD is trading now at 1.0752, which is 0.14% up from today’s opening price.

 

Today we have the German Preliminary GDP that will be released during the early Euro session and the retail sales data that will be released from the US just before the beginning of the NY session. Both these data would be watched closely to see the strengths of the relative economies and in the US, it would be watched to see if the data meets or exceeds expectations so that it would help to further confirm the market expectations for a hike by the US Fed in December. Any miss in the retail sales data would be USD negative in the short term and could give some respite for the bulls in the EURUSD pair.

 

Daily Technical Support and Resistance:

 

As per Camarilla Forex Technical analysis the EUR/USD pair may find the immediate support at 1.0724. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0710 and 1.0697.

 

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EUR USD Technical Analysis 23rd November, 2016
Technical Analysis Overview:

Prev. Close 1.0625
Open 1.0625
Day’s Range 1.0622 – 1.0635
52 wk Range 1.0538 – 1.1616
1-Year Return – 0.01%

Technical Support and Resistance

In terms of EUR USD Technical analysis the EUR/USD pair will find its immediate support at 1.0619. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0612 and 1.0604. On the other side the market has immediate resistance 1.0633. If, market breaks the primary resistance level then, market will go for the new resistance level 1.0640 and 1.0648.

Expected trading range for today is between 1.0622 supports and 1.0635 resistances.

Along with technical analysis following economic event is very important to analyze the financial market properly.

Upcoming Important Economic News in EUROPE: (GMT +2)

1. French Flash Manufacturing PMI at 10am
2. French Flash Services PMI at 10am
3. German Flash Manufacturing PMI at 10.30am
4. German Flash Services PMI at 10.30am
5. Flash Manufacturing PMI at 11am
6. Flash Services PMI at 11am
7. German 10-y Bond Auction ( all day long)

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Daily USD JPY Technical Analysis 25th November, 2016

Technical Analysis Overview:

Prev. Close    113.36
Open        113.36
Day’s Range    113.20 - 113.90
52 wk Range    99.08 - 123.67
1-Year Return      - 7.31%

Technical Support and Resistance:

Daily USD JPY Technical analysis shows USD JPY pair may find the immediate support at 113.23. If, market breaks the first support then it will go for the following support to test. Following supports are 113.11 and 113.00. On the other side the market has immediate resistance 113.84. If, market breaks the primary resistance level then, market will go for the new resistance level 114.33 and 115.08.
Expected trading range for today is between 113.20 supports and 113.90 resistance. 

Along with technical analysis following economic event are very important to analyze the financial market properly. 

Important Economic Events In Japany: (GMT +2)

1.    Tokyo Core CPI y/y
2.    National Core CPI y/y
3.    SPPI y/y
4.    BOJ Core CPI y/y

Read More of Our Technical Market News and Analysis @xtreamforex.com
 

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EUR USD Forecast for the Week 21st November, 2016

The EUR/USD had a strong negative candle. Market is testing the 1.05 level almost immediately. If we break down below there, as per the EUR USD forecast the Euro will very easily reach the parity level over the next several weeks.

The US yields continued to rise on Friday as well. as it has been the case over the past couple of weeks and this has enabled the USD to continue to gain strength.  No currency has been able to survive this onslaught and it has all been one way traffic for the past couple of weeks. This has hit the euro very hard especially as the QE continues to take its toll on the euro. Neither Draghi, nor the ECB has not yet signaled any kind of tapering or stopping of the QE as yet and this, along with the USD strength, has caused the EURUSD pair to crash through 1.0800 during the last week and it also crashed through 1.0600 and sits at a tough support region at around 1.0580 to end the week.
The region between 1.0500 and 1.0600 has been known to be a tough support region but it all depends on the yield.

Upcoming economic events to the coming week, we have Draghi making a speech on Monday but we will not be looking forward too much to it as he does not have the habit of addressing monetary policy unless absolutely necessary. So far, no one in the ECB has expressed concern about the value of the euro and so we do not expect him to say much. We also have the FOMC statement on Wednesday where the market would expect further hints, signs and confirmation of a rate hike in December. If this happens, we can expect the dollar strength to continue.

EUR USD Technical Forecast:

Previous week close: 1.0607
Current Week Open: 1.0582
Today’s Market Range: 1.0579 – 1.0614
52 wk Range: 1.0538 – 1.1616

Support and Resistance Weekly Forecast:

S 1: 1.0486
S 2: 1.0384
S 3: 1.0201

R 1: 1.0771
R 2: 1.0954
R 3: 1.1056

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Daily GBP USD Technical Analysis 29th November, 2016

Technical Analysis Overview:

Prev. Close    1.2415
Open        1.2415
Day’s Range    1.2389 - 1.242
52 wk Range    1.1450 - 1.5240
1-Year Return     -17.54%

Technical Support and Resistance:

In the end of every month we see lots of selling of GBP. Yesterday GBP market was weak against USD, and the pair finished its day near 1.2415. Which is 0.48% lower than the yesterday opening. Expected market range for today is 1.2389 - 1.242.

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2353. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2292 and 1.2202. On the other side the market has immediate resistance at 1.2504. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2594 and 1.2655.

This morning has seen some serious GBP weakening against USD. 

Today, we do not have any major news from the UK for today while we have the advance GDP that will be released from the US and we can expect some more volatility today as well as we approach the month end and the month end flows are likely to continue today and tomorrow as well. Expect some consolidation with a bearish bias.

Along with technical analysis following economic event are very important to analyze the financial market properly.

GBP USD Important Economic Events: (GMT +2)
1.    GBP    Net Lending to Individuals m/m
2.    GBP    M4 Money Supply m/m
3.    GBP    Mortgage Approvals
4.    GBP    Nationwide HPI m/m
 

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USD/JPY Forecast for January 5, 2017 By XtreamForex

 

USD/JPY Technical Forecast Overview

Yesterday Close          117.25

 

Today Open                117.25

 

Day’s Range   116.29 - 117.43

 

52 wk Range   99.08 - 121.7

 

1-Year Return - 2.25%

 

 

USD/JPY Technical Support and Resistance Forecast

 

Usd/jpy forecast: usd jpy pair possibly will find the immediate support at 117.04. If, market breaks the first support then it will go for the following support to test. Following supports are 116.77 and 116.32.

 

 

On the other side the market has immediate resistance at 117.94. If, market breaks the primary resistance level then, market will go for the new resistance level 118.21 and 118.66.

 

 

Possible trading range for today 117.55 - 118.19

 

 

USD JPY Fundamental Forecast

The US dollar fell slightly against the Japanese yen during the day on Wednesday, but we are still very much in an uptrend and have only recently been consolidating. Looking at the chart, I recognize the 115 level as being supportive, and with that being the case I am willing to buy pullbacks. I believe that a supportive candle just above the 115 level is optimal as far as buying is concerned, but I also recognize we may not get all the way down there. I certainly have no interest in selling, and believe that supportive candles are going to continue to be buying opportunities, as the USD/JPY pair will try to get to the 120 handle.

 

USD/JPY Important Economic Forecast: (GMT +2)

 

3:15pm            USD     ADP Non-Farm Employment Change

 

3:30pm            USD     Unemployment Claims

 

4:45pm            USD     Final Services PMI

 

5:00pm            USD     ISM Non-Manufacturing PMI

 

5:30pm            USD     Natural Gas Storage

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EUR/USD HEADS BACK  to 1.1535/30 AMID NOTABLE USE DEMAND 

Having consolidated briefly around the 1.1575 region in early Asia, the EUR/USD pair came under fresh selling pressure, as the US dollar recovery regained traction amid better risk appetite.

EUR/USD: Focus on US data

The common currency extends its weakness into a third day today versus its American rival, now pushing the EUR/USD pair towards the midpoint of the 1.15 handle. A break below the last will open floors for a test of the latest demand zone near the 1.1530 region.

The latest leg down in the spot can be mainly attributed to the resurgent USD demand across the board, as markets prefer to hold the US currency amid looming US-China trade concerns and divergent monetary policy outlooks between the Fed and global central banks.

On the EUR-side of the story, yesterday’s single currency jawboning by the ECB Governing Council member Nowotny continues to weigh negatively on the EUR while the German migration issue also remains a drag on the spot. Nowotnynoted that he sees the Euro depreciating against the US dollar.

In the day ahead, the pair will continue to get influenced by the USD dynamics and risk trends in absence of fresh fundamental drivers in Europe. However, markets may keep an eye on the BOE interest rates decision for any rub-off effect on the Euro.

EUR/USD Technical Levels

Valeria Bednarik FXStreet’s Chief Analyst notes: “The short-term picture is neutral-to-bearish as the pair is unable to advance beyond a directionless 20 SMA in the 4 hours chart, while the Momentum indicator retreats from its mid-line as the RSI slowly advances, currently at 44.  The mentioned 20 SMA provides a dynamic resistance at around 1.1595, although the upside will look more constructive on a break above 1.1644, so far the weekly high. Below 1.1550, on the other hand, the risk will turn toward the downside, exposing the yearly low of 1.1509. Support levels: 1.1550 1.1510 1.1460. Resistance levels: 1.1595 1.1645 1.1680.”

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