|Day's range||1.108 - 1.108|
|52-week range||1.0882 - 1.1571|
The Euro initially fell during trading on Wednesday but turned around to show signs of life again. At this point, the market is likely to continue the choppy behavior that we have seen, at least of the last couple of years. At this point in time I would anticipate more back and forth.
Based on the early price action and the current price at 1.1056, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the long-term uptrending Gann angle at 1.1059.
Investing.com - The U.S. dollar was flat on Wednesday ahead of the expected release of the Federal Reserve meeting minutes and as tensions between Washington and Beijing rose.
Wales have booked their place at Euro 2020 after two goals from Aaron Ramsey secured a 2-0 victory against Hungary. There were jubilant scenes at the Cardiff City Stadium as the Dragons reached their second major football tournament in four years. Wales will now be hoping for a repeat of their success at Euro 2016 where they reached the semi-finals after ending a 58-year wait to play at a European Championship or World Cup.
Trade tensions, UK politics, the FOMC meeting minutes and inflation figures out of Canada will keep the markets busy throughout the day…
The Euro has rallied slightly during the trading session on Tuesday, but at this point it’s likely that the market is going to run out of momentum, as there are several reasons to think that there is plenty of resistance just above.
Based on the early price action and the current price at 1.1079, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the short-term 50% level at 1.1083.
Chatter on trade remains the key driver, with negative updates from Beijing weighing on risk appetite early. The RBA added further pressure on the Aussie.
EUR/USD rallied for a third consecutive session on Monday but is seen falling into a consolidation near a fairly important horizontal level in early trading today.
The Euro has rallied slightly during the trading session on Monday, showing a proclivity to grind higher. However, there is a significant amount of resistance just above so at this point I’m waiting for selling opportunity.
Based on the early price action and the current price at 1.1059, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1069 and the uptrending Gann angle at 1.1049.
Investing.com - The U.S. dollar fell on Monday after CNBC reported that Chinese officials are pessimistic that a trade deal will be signed.
EUR/USD is rallying to start the early week, attempting to post a third straight day of gains. The pair is near an important level where sellers are likely waiting.
Investing.com - The Chinese yuan inched up on Monday in Asia after the country's central bank cuts a key liquidity rate for the first time since 2015.
The Pound makes an early move, supported by the latest opinion polls. The ECB Financial Stability Review and Trade will also influence.
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While economic data will influence, Beijing and Washington will likely have the greatest impact on risk appetite in the week ahead.
The confirmation of the closing price reversal bottom is potentially bullish. Typically, this chart pattern leads to a 2 to 3 day counter-trend rally. Its first upside target is usually 50% to 61.8% of the last leg down. This makes 1.1083 to 1.1104, our first objective.
The Euro initially fell during the week but then turned around to rally as the market simply went nowhere. It looks as if we are trying to find a bit of support at the 1.10 level which would make sense as it is a large, round, psychologically significant figure.
The Euro rallied a bit during the trading session on Friday, reaching towards the 50 day EMA. At this point, the market looks as if it is trying to recover from the 1.10 level, but quite frankly this is just a large round number so you can’t read too much into it.
The EUR/USD made a bullish bounce after breaking the round psychological 1.10 support level. The resistance line (red) and wave 4 (orange) pattern, however, make a bearish bounce likely.