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EUR/USD Daily Chart Analysis For Week of Nov 17, 2023Technical Analysis and Outlook: The Eurodollar has experienced a notable recovery after successfully achieving the designated target of Inner Currency Rally 1.077. This means the Euro has bounced back significantly and shows positive momentum in the currency market. However, as the Eurodollar approaches the next selected mark, Key Res 1.092, it may encounter significant resistance. The price of this resistance level is essential, suggesting whether the Eurodollar will likely fall further. Furthermore, if the Eurodollar fails to surpass the Key Res 1.092 level, it could continue its downward momentum and reach the Mean Support level of 1.084. This crucial support level will offer a substantial price platform against further downward movements. Therefore, it is also essential to keep an eye on the Eurodollar's performance at this level.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Nov 10, 2023Technical Analysis and Outlook: The Eurodollar has undergone a notable downtrend movement from our Key Resistance level of 1.075, a significant level of resistance that the currency has been unable to break through. As a result, it is now expected to gradually move towards the Mean Support level of 1.061, which is strategic support for the currency. Furthermore, the Eurodollar may extend its bearish momentum and reach the Mean Support level of 1.056, which is a firm level of support. However, it is worth noting that the currency could rebound toward uncompleted Inner Currency Rally 1.077 and Key Res 1.075, a level of resistance that the Eurodollar tested in this week's trading session. If the currency breaks through these two levels, it could complete the current Inner Currency Rally 1.077 and continue its upward trend.
by TradeSelecter
EURUSD: Daily Price Action Suggests A Move UpLooking at this pair it's been trading in a descending dynamic channel since mid-July, it makes up nearly 58% of the DXY index and so is in close negative correlation to this index. We can see the on the daily a pinbar followed by a long-wick doji, which could mean reversal, the opposite can be seen in DXY: We can now see a breakout of the channel, and the pinbar was formed on the restest, and now the long wick doji. We have a lot of news this week affecting the Euro (Mon / Tues), and then the USD (Wed). Overall I think that the price action is determining a weaker dollar which means stronger crosses for the next short period of time, dollar needs a rest and has failed to form a new HH yet despite economic news that would normally entice the bulls. There will be volatility this week so being conservative with initial target, however depending on the news we could well see us back over 1.08 this month.
Long
by Finchcliffe
1
TradePlus-Fx|GOLD: high's update💬 Description: The metal follows the previously planned course exactly. Demand continues to grow, including against the backdrop of the aggravated situation in the Middle East, but in addition, purely technically, sellers cannot realize their sales at the local elites. In the very near future, most likely, Gold prices will go towards updating local highs. In turn, this will cause another activation of sellers’ stop losses, and the approach to 2000 will be implemented. 🔔 FX CALENDAR TODAY 🔔 🇪🇺ECB Interest Rate Decision 🇺🇸GDP 🇺🇸Trade Balance 🇪🇺ECB Press Conference 🇺🇸Pending Home Sales 🇪🇺ECB President Lagarde Speak 🇺🇸KC Fed Manufacturing Index ➖➖➖➖➖➖➖ 🚀Thank for your BOOSTS 🚀 👇Share your views and FOLLOW US 👇
OANDA:XAUUSDLong
by TradePlus-Fx
12
EUR/USD Daily Chart Analysis For Week of Oct 27, 2023Technical Analysis and Outlook: As projected, the Eurodollar completed our Inner Currency Rally of 1.070 and retracted to the designated price target Mean Sup 1.053. The intermediate price action suggests the continuation of the Reignited Pivotal Down Move to retest Key Sup 1.047 and completed Outer Currency Dip 1.045 with an extension on the horizon of Next Outer Currency Dip 1.035. Rebound to Mean Res 1.060 is a possibility.
by TradeSelecter
2
Euro H1 | Will ECB drive the Euro lower?The Euro (EUR/USD) is rising towards a pullback resistance and could potentially reverse off this level to drop lower. Sell entry is at 1.05684 which is a pullback resistance that aligns close to the 23.6% Fibonacci retracement level. Stop loss is at 1.06000 which is a level that sits above the 38.2% Fibonacci retracement level and an overlap resistance. Take profit is at 1.05256 which is a pullback support level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Short
by FXCM
2
BluetonaFX - EURUSD Under Serious PressureHi Traders! Today is a big day for the EURUSD with the ECB's interest rate decision followed by their press conference. The pair is under some pressure and is approaching its yearly low at 1.04485, and we could see that being broken depending on the ECB's decision today.   Price Action 📊 The market recently broke its long-term ascending price channel, and momentum looks to be on the bearish side. The market is also below the 20 EMA. Fundamental Analysis 📰 The Eurozone has shown strong Flash PMI data recently, so traders will be looking for positive statements from the ECB regarding the Eurozone's inflation issues. Support 📉 1.05090: PREVIOUS WEEK'S LOW 1.04485: YEARLY LOW Resistance 📈 1.06946: CURRENT WEEK'S HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
Looking at EURGBP ahead of ECB Rate Decision TomorrowAhead of the ECB rate decision tomorrow, the futures markets see almost zero chance we get anything other than a hold at 4.50%. This falls in line with other economies including the Bank of Canada which held rates earlier today. From a technical perspective the Daily chart is back above the wedge breakout level. I took a Long this morning from 0.87140 after a nice rejection candle close yesterday, but price moved sideways and failed to push higher. This continues the pairs lack of conviction above 0.8700 which starts to make it more and more difficult to see price making a clean break higher. So 0.8700 is the line in the sand tomorrow, if we see buyers really step up and drive price higher I'll be looking for more Longs, but if we fall back inside 0.8700 I'll flip my bias short, specially if we fall back inside after the rates have been announced. Best of luck out there and I'll see you tomorrow.
by RuckSack
EURUSD Is Still Bearish Whiel It Trades Below 1.07EURUSD had some nice bounce in the last 24 hours, back to 1.07 which is now acting as a very strong resistance. We also highlighted this one in our website here on TV. I would not be surprised if the pair comes down actually, bakc to 2023 lows since it's very hard to trust Monday flows, plus, we will rarely see directional moves ahead of key events the ECB this Thursday. There are more and more speculations that ECB is done with rates, and that they will not raise this year anymore, which can certainly keep EURUSD pair in a downtrend. Technically we see 1.07 as an important resistance, at the same area of 50d SMA, while hourly time frame shows three waves up from the lows. Grega
Short
by ew-forecast
EURJPY: Finally ready to reverse?EURJPY has been hanging around 157 - 157.5 range for some time, we saw a break below last week which quickly recovered, but we've broken back below now so I expect a stronger push back down to the low of last week (caused by JPY buying). With price action there was also a failure to make a new high, we saw a short pinbar on the 4HR before we broke back below my resistance block. I see this happening again as the BoJ look to defend their currency, I'm expecting JPY to start to perform well across the board - they may not provide any interest but their inflation is low and their economic performance is looking ok to me to, and also money flows and so a reversal should be coming soon. I also think the EURO is in trouble, with stagflation, this will lead to recession imo and will hit the EURO so this is one of the JPY crosses I'm expecting big declining moves from.
Short
by Finchcliffe
EUR/USD higher as eurozone inflation slidesThe euro has moved upwards on Friday. In the European session, EUR/USD is trading at 1.0597, up 0.30%. After falling sharply earlier this week, the euro has rebounded and gained close to 1% since Wednesday. The eurozone's inflation level dropped to 4.3% y/y in September, a sharp decline from the August reading of 5.2% y/y and below market expectations of 4.5% y/y. Lower energy costs helped push inflation lower. The September release is the lowest inflation level since October 2021. The core inflation rate, which excludes food and energy, fell from 5.3% y/y to 4.5%, beating expectations and declining to its lowest level in 11 months. The sharp drop in eurozone inflation comes on the heels of a similar decline in Germany, the bloc's largest economy. The decline in core inflation is particularly important and supports the view that the ECB will not have to continue raising rates. Inflation still remains much higher than the ECB's target of 2%, but the downtrend is encouraging and the ECB would prefer to avoid further hikes which could tip the weak eurozone economy into a recession. In the US, the Core PCE Price Index, which is considered the Fed’s preferred inflation indicator, dipped to 0.1% m/m in August, after back-to-back gains of 0.2% m/m. The annual rate eased to 3.9% y/y as expected, down from 4.2% in August. This was the lowest level since September 2021 and supports another pause from the Fed at the next meeting on November 1st, with the markets pricing in just a 17% chance of a quarter-point hike, according to the FedWatch tool. EUR/USD is testing resistance at 1.0594. Above, there is resistance at 1.0666 There is support at 1.0544 and 1.0472
by OANDA
2
EURNZD: Continued weakness expectedFundamentals out of the Eurozone last week were not good, in particular the data coming out of France. NZD is looking strong against all crosses at the moment. From a technical perspective this cross has broken out of its channel to the downside, and now broken the ascending trendline on the weekly and looks to have retested it. All things suggest to me that this is going to fall further, I'll be looking to get in on a LTF with a first TP of 1.773 and a second at 1.755, depending on how price reacts to my support box.
Short
by Finchcliffe
5
EUR/USD extends losses, eyes German inflationThe euro has extended its losses on Wednesday and has declined close to 1% this week. In the European session, EUR/USD is trading at 1.0552, down 0.18%. Germany has traditionally been the powerhouse of Europe but finds itself lagging in the rear, with a struggling economy and high inflation. The GfK Consumer Climate index fell to -26.5 for October, down from a revised -25.6 in September and shy of the market consensus of -26.0. This was the lowest reading since April and suggests that consumer sentiment will remain weak in the near future. The GfK report warned that private consumption will not contribute towards Germany's recovery, which is grim news for the eurozone. One of most eagerly waited eurozone releases is the German inflation report, which will be released on Thursday. The consensus estimate for German CPI stands at 4.6% y/y, compared to 6.4% y/y in August. If the estimate is on track, it would mark a significant win for the ECB, which has been raising rates aggressively in order to curb high inflation. The ECB raised rates last week, but the lead-up to the meeting was dramatic as it was a 50-50 call whether the ECB would hike or hold. A sharp drop in German inflation could send the euro lower as it would support the ECB taking a pause at the October meeting. The week wraps up with German retail sales on Friday. After back-to-back declines, retail sales for August are expected to rebound to 0.5% m/m. The US releases third-estimate GDP on Thursday, with a market consensus of 2.0%. This follows the second-estimate of 2.1% and the preliminary estimate of 2.4%. The US economy has recorded respectable growth figures despite the Federal Reserve's sharp tightening, as the labour market has remained strong and consumers continue to spend. EUR/USD is testing resistance at 1.0594. Next, there is resistance at 1.0666 There is support at 1.0544 and 1.0472
by OANDA
EURAUD: Big Crash, incoming?Fundamentally I got Aussie strength on the horizon, whilst the EU is all over the place. I'm seeing a big fall coming, with the EU basically stagflating and AUD being buoyed by Chinese recovery, gold price increases etc. Even though we've seen positive data for the Euro this week, the effect on the FX has been negligible. Can't see the Euro doing much more than it has recently against the Australian Dollar. Could be a great trade for me this one...
Short
by Finchcliffe
2
Understanding Interest-rates & InflationHey Traders So, I have been asked by many of my clients to explain the relationship between interest-rates and inflation and how to translate that information into their analysis. For this reason I put this little mini lesson together to explain: - The core role of the central bank - Reason and objectives for interest-rates and inflation - How you can use this information to enhance your analysis - How to take advantage of this info when taking, managing or closing your trades. PS. if you would like me to do more of these types of videos be sure to leave a comment in the comment section.
TVC:DXYEducation
by DeanMuller