EURUSD in Confusing stage & waiting for US Strong Data Today
EURUSD Technical Overview:
Day Trading Range: 1.1730 - 1.1610
Pivot: 1.1690 (CMP 1.1684)
Key Resistance: 1.1690 - 1.1718 - 1.1735 - 1.1760
Key Support: 1.1668 - 1.1645 - 1.1620 - 1.1600
Technical Indicators:
RSI: Indicator lacks downward momentum, moving around 50-55 level.
MACD: MacD having Bullish trend line.
Moving Average: SMA 100 (1.1674) & SMA 55 (1.1681) are strong support for the pair today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1690 with targets at 1.1668 & 1.1645 in extension.
Alternative scenario: above 1.1690 look for further upside with 1.1718 & 1.1732 as targets.
Fundamental:
A combination of increased risk appetite and a pullback in the treasury yields could yield much-needed break above 1.17. The price action in early Asian market hours indicates neutral bias as both sides of pair struggle to gain upper hand. The failure to scale the psychological level of 1.17 in a convincing manner is likely associated with the rising Treasury yields and the widening US-DE (German) two-year yield spread. Traders also noted that U.S. macro economic data has remained very strong so far despite trade disputes since early this year.
Europe
>> The ECB President Mario Draghi is scheduled to deliver the keynote speech at an event entitled "Making Europe's Economic Union work" organized by Jacques Delors Institute, Hertie School of Governance, Bertelsmann Stiftung in Berlin at 13:30 GMT.
>> The Eurozone consumer confidence is expected to fall to -2.0 in September.
>> German Bundesbank President Jens Weidmann is scheduled to deliver a speech titled "Perspectives for Europe and the euro area" at the Center for European Politics, in Freiburg at 15:15 GMT.
US
>> The US housing starts rose strong 9.2% m/m in August while building permits decreased -5.7% m/m in the same month.
>> The US initial jobless claims are expected to increase to 210K in the week ending September 14.
>> Philadelphia Fed index is expected to increase to 17.0 in September from 11.9 in August.
A break under 1.1650 could change the short-term bias to the downside, exposing the pair to support levels at 1.1625-1.1600 handles. As long as EUR/USD holds above 1.1650, another test of 1.1720 could take place. Above the next strong barrier is seen at 1.1745/50, a medium-term resistance that if broken would clear the way to more gains.
Thanks
YoCryptoManic
Day Trading Range: 1.1730 - 1.1610
Pivot: 1.1690 (CMP 1.1684)
Key Resistance: 1.1690 - 1.1718 - 1.1735 - 1.1760
Key Support: 1.1668 - 1.1645 - 1.1620 - 1.1600
Technical Indicators:
RSI: Indicator lacks downward momentum, moving around 50-55 level.
MACD: MacD having Bullish trend line.
Moving Average: SMA 100 (1.1674) & SMA 55 (1.1681) are strong support for the pair today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1690 with targets at 1.1668 & 1.1645 in extension.
Alternative scenario: above 1.1690 look for further upside with 1.1718 & 1.1732 as targets.
Fundamental:
A combination of increased risk appetite and a pullback in the treasury yields could yield much-needed break above 1.17. The price action in early Asian market hours indicates neutral bias as both sides of pair struggle to gain upper hand. The failure to scale the psychological level of 1.17 in a convincing manner is likely associated with the rising Treasury yields and the widening US-DE (German) two-year yield spread. Traders also noted that U.S. macro economic data has remained very strong so far despite trade disputes since early this year.
Europe
>> The ECB President Mario Draghi is scheduled to deliver the keynote speech at an event entitled "Making Europe's Economic Union work" organized by Jacques Delors Institute, Hertie School of Governance, Bertelsmann Stiftung in Berlin at 13:30 GMT.
>> The Eurozone consumer confidence is expected to fall to -2.0 in September.
>> German Bundesbank President Jens Weidmann is scheduled to deliver a speech titled "Perspectives for Europe and the euro area" at the Center for European Politics, in Freiburg at 15:15 GMT.
US
>> The US housing starts rose strong 9.2% m/m in August while building permits decreased -5.7% m/m in the same month.
>> The US initial jobless claims are expected to increase to 210K in the week ending September 14.
>> Philadelphia Fed index is expected to increase to 17.0 in September from 11.9 in August.
A break under 1.1650 could change the short-term bias to the downside, exposing the pair to support levels at 1.1625-1.1600 handles. As long as EUR/USD holds above 1.1650, another test of 1.1720 could take place. Above the next strong barrier is seen at 1.1745/50, a medium-term resistance that if broken would clear the way to more gains.
Thanks
YoCryptoManic
Trade active:
US released positive data, First-time unemployment claims reach new 49-year low.