Tuesday 23rd June: Technical Outlook and Review
Upbeat risk sentiment weighed on the US dollar index Monday, firmly snapping a four-day bullish phase. EUR/USD H4 reclaimed 1.12+ status and recently conquered 1.1250, with eyes now on 1.13 as potential resistance, followed by a Quasimodo formation at 1.1340.
The Importance of the US Dollar Index
To say the US dollar is important is an understatement. According […]
Friday 19th June: Technical Outlook and Review
Driven by USD strength Thursday, with the US dollar index recently shaking hands with 97.50, EUR/USD tackled H4 support at 1.1221 and the round number 1.12. This exposed a 38.2% Fibonacci retracement ratio at 1.1173 and a potential 127.2% AB=CD correction (black arrows) at 1.1150.
Thursday 18th June: Technical Outlook and Review
Although US housing data failed to meet consensus Wednesday, the US dollar index managed to maintain position north of the 97.00 handle. Leaving 1.13 unchallenged on the H4 timeframe, the candles dipped to support at 1.1221 (a prior Quasimodo resistance). This level joins closely with the 1.12 handle and a 38.2% Fibonacci retracement ratio at 1.1173.
Wednesday 17th June: Technical Outlook and Review
EUR/USD H4 movement came within touching distance of reaching support at 1.1221 (a prior Quasimodo resistance), before marginally recoiling. This level joins closely with the 1.12 handle and 38.2% Fibonacci retracement ratio at 1.1173.
Tuesday 16th June: Technical Outlook and Review
The US dollar, represented by the US dollar index, switched gears Monday and turned lower, consequently snapping a two day-bullish phase. On the EUR/USD front, H4 support at 1.1221 (a prior Quasimodo resistance), maintained its presence, bolstered by H4 trend line support, taken from the low 1.0727.
Friday 12th June: Technical Outlook and Review
USD longs made a comeback Thursday, with the DXY staging a stronger-than-expected recovery above 96.50. This firmly weighed on the euro, the largest component of the index making up almost 58%.
Thursday 11th June: Technical Outlook and Review
Fuelled by additional USD shorts, EUR/USD climbed to highs at 1.1389 Wednesday, levels not seen since early March. Leaving 1.14 unchallenged, buyers hit the ropes as the pair dived to lows at 1.1342. 1.13 remains a standout support on the H4 timeframe, sharing space with Quasimodo support at 1.1268 and trend line support, extended from the low 1.0727.
Wednesday 10th June: FOMC in Focus
EUR/USD, according to the H4 timeframe, dipped to 1.1241 yesterday, leaving support at 1.1221 unchallenged, before turning to reclaim 1.13+ status to shake hands with recently formed Quasimodo resistance at 1.1362.
