Wednesday 27th November: Technical Outlook and Review.
Leaving the key figure 1.10 unopposed, EUR/USD movement turned sluggishly higher Tuesday, aided by weaker-than-anticipated US consumer confidence data. According to The Conference Board, the Consumer Confidence Index decreased in November, following a slight decline in October.
Tuesday 26th November: Dollar Subdued Ahead of Consumer Confidence Data.
Europe’s shared currency finished Monday mostly unmoved against the US dollar. In terms of risk events, sentiment among German executives has improved a little, according to the IFO Institute for Economic Research.
Monday 25th November: Weekly technical outlook and review.
Longer-term flow retained a bearish tone last week, languishing south of a long-standing resistance area at 1.1119-1.1295. Further selling going forward has the lower boundary of a descending channel to target (extended from the low 1.1109), merging closely with the 2016 yearly opening level at 1.0873.
Friday 22nd November: Euro steady ahead of manufacturing data.
Key risk events today: French Flash Services PMI; French Flash Manufacturing […]
Thursday 21st November: Technical analysis and review.
Key risk events today: European Central Bank (ECB) Monetary Policy Meeting […]
Wednesday 20th November: Markets largely unmoved ahead of FOMC.
Key risk events today: Canada CPI m/m, Common CPI y/y, Median […]
Tuesday 19th November: Dollar index extends losses off weekly trend line resistance.
Europe’s single currency kicked off the week in reasonably robust fashion, gliding to highs of 1.1090 before mildly paring gains into the close. Tops (green arrow) around the 1.1090 neighbourhood on the H4 timeframe is likely viewed as resistance in this market, as is the 1.11 handle.
Monday 18th November: Weekly technical outlook and review.
Should price action remain beneath this base, further downside is likely in store for the EUR/USD, while an upside violation could prompt a retest at the weekly resistance area 1.1119-1.1295.
Friday 15th November: US retail sales eyed as the dollar recedes lower.
Shaped by way of a bullish outside day configuration, EUR/USD movement recovered in reasonably robust fashion Thursday. Data out of Germany came with an upbeat tone and markets largely shrugged off better-than-expected US PPI figures.
