Prices have been holding on the downtrend since July 2014, until prices reached a strong support level of 1.46000 round figure on April, 2015. Looking at the blue trend line, it is clear that prices have spiked up to trade above the resistance line to close above the 50, 100, and 200 Daily Moving Average suggesting a greater probability for a trend reversal to the...
Foo! finally Greece made a deal on its short term bailout programme after a long time of confusion discounted in the charts of this pair. The good news lifted the pair up without printing higher highs, however investors are still looking at the major news on the ECB as to the Quantitative Easing program. Today Greece introduced its list for economic reforms...
The pair has been trading in a range as traders are hesitated about the direction of this pair. Last week's and this week economic data have been showing that employment figures are weakening in the U.S. By which initial jobless claims increased to 304K vs 287k , ADP employment change falling to 213K vs 212K and unemployment rate increasing to 5.70% vs 5.60%. At...
Looking at the pair, it pushed down to a key support level of 89.361. Traders rejected going down below those prices and the bullish momentum built up to take the pair to the resistance level at 92.309 (0.382 fib). Prices then fell to reject the support of 91.177 (0.236 fib) and break the pivot or previous high @ 92.357 to push towards the 93.101 near the 93.223...
Looking at the pair, it pushed down to a key support level of 89.361. Traders rejected going down below those prices and the bullish momentum built up to take the pair to the resistance level at 92.309 (0.382 fib). Prices then fell to reject the support of 91.177 (0.236 fib) and break the pivot or previous high @ 92.357 to push towards the 93.101 near the 93.223...
Fundamentally, US dollar investors are patiently waiting for a rate rise by the mid of this year. The BoE is also using the same hawkish tone by which an interest rate rise is not impossible in the short time. The BoE inflation fell in January of this year to 0.5% given that its target rate is 2%, which increase the BoE concern over the threat of deflation. The...
- Euro area pick up has stalled on the second quarter of this year as three of its biggest economies failed to grow. Consumer prices still fail to grow to meet the ECB's target rate, Ukraine is still at risk of increasing political unrest due to the Crimea crisis. Economic sanctions imposed by European countries on Russia and blocked trade agreements between...
Keeping a closed eye on the pair, it is clear that the pair has broken the long bullish trend support after Draghi lowered benchmark interest rates to negative levels. Later the pair found support at the 1.3500 level and retraced back to the 38% Fibonacci to fail to break above that level. We could see a formation of a BUTTERFLY pattern right before the bearish...
EURUSD failed to break support at 1.3500 after the ECB's negative rates announcement. Investors do not find this sufficient for the pair to move lower and they demand the ECB to use its LTRO option to halt the risk of deflation. It is very possible for the ECB to introduce LTRO in the near term and that would us into a confirmation of a EURUSD downtrend. But for...