On Tuesday, the dollar shows a decline against major currencies since the publication of positive US economic growth data for the first quarter contributed to an increase in demand for risky assets. EUR/USD rose 0.46% to 1.1077, rebounding from Friday's three-month low 1.0908.
The third estimate of US GDP in the first quarter was 1.1%, the value was revised from the preliminary 0.8%. Analysts had expected GDP growth of 1.0%.
However, during the first three months of the year growth in consumer spending was revised down to 1.5% from 1.9%. Economists had forecast for an upward revision to 2.0%.
However, during the first three months of the year growth in consumer spending was revised down to 1.5% from 1.9%. Economists had forecast for an upward revision to 2.0%.
On Tuesday's Asian session, there has been upward correction after yesterday's large-scale sales, as investors seized on news of fiscal incentives as a straw. In addition, we are likely to wait a long period of uncertainty before the formal procedure of Brexit begins.
The first shock after Brexit passed, and now the EUR/USD shows restrained volatility; in fact, I'm surprised that at this stage the pair is trading near 1.1100 and not at 1.0800.
Resistance zone is too wide - 1,1100-1,1200, and perhaps even slightly above 1.1200, but we are still waiting for the downward movement to 1.0800 on concerns about the existential crisis in Europe. From a tactical point of view, since the opening of trading on Monday resistance is near 1.1075/80.
In my opinion the support levels are 1.0910, 1.0790 and 1.0710. The resistance is at 1.1090, 1.1185 and 1.1335.
EUR/USD maked slight increase on Tuesday session. The US dollar added 40 pips to a closing price of 1.1063 and the euro failed to recover the losses from Friday and depreciated further against the dollar. Resistance level during yesterday's session turned out to be 1.1111 and pair marked the intraday low at 1.1009. The outlook remains negative as possible recovery of the euro will resume the bearish sentiment.
Yesterday EURUSD rose with a narrow range and closed near the high of the day, in addition managed to close within previous day range, which suggests being slightly on the bullish side of neutral.
The pair failed to close above the 200-day moving average and continues trading below the 10, 50 and 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, a daily support at 1.1097, the 200-day moving average at 1.1080 (resistance) and Fridays low at 1.0912 (support).
The pair failed to close above the 200-day moving average and continues trading below the 10, 50 and 200-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, a daily support at 1.1097, the 200-day moving average at 1.1080 (resistance) and Fridays low at 1.0912 (support).
victoriajensen
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Sideways consolidation still continues, unfortunately. I don't think there are any major fundamentals coming out this week, so the situation might not change in the next few days.
EUR/USD is trading higher today making a high of 1.1117. Although we saw positive US data, the Dollar bulls could not impact price behavior and the pair is now trading higher than pre-news time. First resistance is met at 1.1110 while first support remains the level of 1.1050.
dermotobrien
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Great thread! Loving all the insights!
The ECB will not rush with further easing of monetary policy, preferring to wait for actual evidence of an economic slowdown after Brexit before they take any steps. Regulator is glad to wait, given the lack of conclusive evidence of the actual impact on European economy, writes Reuters.
Agency refers to a conversation with "a dozen officials", familiar with the point of view of the ECB, without mentioning their names. Sources claim that the ECB found some confidence in the latter market rebound after the referendum.
At this news the quotes of the single European currency hit session highs (1,111).
Agency refers to a conversation with "a dozen officials", familiar with the point of view of the ECB, without mentioning their names. Sources claim that the ECB found some confidence in the latter market rebound after the referendum.
At this news the quotes of the single European currency hit session highs (1,111).
The euro performed quite well against the UD dollar for third session in a row. The single currency pushed up with nearly 60 pips to a closing price of 1.1122, which is 110 pips higher since the beginning of the week. The upward movement reached 1.1129 and the intraday low was marked at 1.1048. First support is now located at 1.1090 and resistance is seen at 1.1185 and 1.1335.
Yesterday EURUSD rose again with a narrow range and closed near the high of the day, in addition managed to close above previous day range, which suggests a strong bullish momentum.
The pair managed to close above the 200-day moving average that mow should act as a dynamic support but continues trading below the 10 and 50-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1200 (resistance), a daily support at 1.1097, the 200-day moving average at 1.1082 (support) and Fridays low at 1.0912 (support).
The pair managed to close above the 200-day moving average that mow should act as a dynamic support but continues trading below the 10 and 50-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1200 (resistance), a daily support at 1.1097, the 200-day moving average at 1.1082 (support) and Fridays low at 1.0912 (support).
victoriajensen
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The pair is slowly and steadily rising and that movement to the upside has become a lot clearer since yesterday. There's still not a lot of volatility, but EUR/USD is likely climbing towards 1.1170 next.
The euro marked a moderate decline against the US dollar to 1.1106, broke the three-day winning run and closed second consecutive negative month. EUR/USD was trading in a relatively wide range, the intraday high was reached at 1.1153 and the low at 1.1023. Technically the sentiment is bearish, but a breakthrough of 1.1185 might change it.
Yesterday EURUSD initially rallied but found enough selling pressure to give back to the market all its gains but closed near the high of the day although in the red, in addition managed to close within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair managed to close above the 200-day moving average that mow should act as a dynamic support but continues trading below the 10 and 50-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1179 (resistance), a daily support at 1.1097, the 200-day moving average at 1.1084 (support) and Fridays low at 1.0912 (support).
The pair managed to close above the 200-day moving average that mow should act as a dynamic support but continues trading below the 10 and 50-day moving averages that are acting as dynamic resistances.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1179 (resistance), a daily support at 1.1097, the 200-day moving average at 1.1084 (support) and Fridays low at 1.0912 (support).
On Friday, the dollar strengthened its position against euro, as the continued uncertainty after the British referendum and disappointing data on manufacturing activity in China raised demand for "safe haven" assets.
The EUR/USD fell by 0.29% to 1.1073.
The EUR/USD fell by 0.29% to 1.1073.
