Yesterday the EURUSD pair fell for the straight third day and closed in the red near the low of the day, shy below the 50-day moving average. All eyes now turn to the US as the market waits for the Fed's Monetary Policy Statement later today, regarding the possibility of an interest rate hike in September.
Sherif Fares
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EUR/USD recovered from 2 days drop with the FOMC minutes.
victoriajensen
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First it will have to break above the resistance at 1.1180 visible on the daily filter chart.
EUR recovered its positions against USD on Wednesday. The single currency met the positive expectations and rose against the dollar, thanks to the dynamic economic environment in the US. Thus the negative series was interrupted and the euro sent a request for the continuation of the bullish trend until reaching the resistance at 1.1214. Wednesday session started at a price of 1.1020 and by the end the single currency gained 99 pips. A powerful upward movement was registered at the end of trading day and the peak was reached at 1.1133.
Yesterday EURUSD initially fell but found enough buying pressure at the 50-day moving average, rallying back up and close near the high of the day on a wide range day as the Federal Reserve showed a much more dovish view on the economy and external factors, namely China. Participants pushed back their expectations of rate hike in September by the Fed.
Key levels to watch today are: A break above the 200-day moving average may set a tone for a bullish run in the mid-term to a daily resistance at 1.1236 or even higher up to 1.1460.
Key levels to watch today are: A break above the 200-day moving average may set a tone for a bullish run in the mid-term to a daily resistance at 1.1236 or even higher up to 1.1460.
Sherif Fares
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EUR/USD will be testing 1.1220 which is the highest price since the beginning of July.
victoriajensen
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Indeed, EUR/USD is testing the previous high and should it manage to break above that level it will likely continue rising at least until it reaches the resistance at 1.1400.
Yesterday the EURUSD rallied breaking above the 200-day moving average and closed well in the green near the high of the day. This movement suggests that the bullish momentum is strong in the mid-term and the currency is at 1.1236 a pivotal point (daily resistance). A break above this pivotal point will take the pair up to another daily resistance at 1.1460.
The euro recorded another winning session against the dollar on Thursday. The single currency met the positive expectations and as a result broke the resistance at 1.1214. Short-term indicators remain in favor of the euro. So the couple likely will test the second key level at 1.1271. Trade on Thursday launched at 1.1118 and bullish sentiment prevailed throughout. The top of the day was reached at 1.1244 shortly before the end of the session. Finish line was marked with only 4 pips below.
Sherif Fares
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EUR/USD in a bullish trend for the third day breaking above july's highest price and broke the psychological Resistance 1.1300 in the same day. This was not expected.
victoriajensen
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Next week EUR/USD will probably reach the previous high at 1.1436 but the question is whether it will rise any higher than that.
fxstrategist
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Possible next stop for the EURUSD could be the 1.1400 level. The zone has been a good resistance in the past and the pair could correct to the downside from there.
On Friday session EUR recorded significant growth for third consecutive day and closed at highest level against USD since mid-May. The euro rose by nearly 130 pips to 1.1366. The daily limit values were reached respectively at 1.1375 and 1.1228. The week was successful - EUR / USD is up by 2.3%. Current attitudes are positive but for continuing upward move is needed breakthrough of 1.1380 / 1.1400. Otherwise there is possible correction to 1.1290.
