Key Highlights
Euro after trading close to the 1.1150 support area managed to gain bids against the US Dollar.
EURUSD pair is currently trading higher and positioned around a major breakout area.
In Japan, the Industrial Production released by the Ministry of Economy, Trade and Industry posted a decrease of 0.6% in July 2015, less than the forecast of a 0.1% rise.
In Australia, the HIA New Home Sales released by the Housing Industry Association registered a decrease of 0.4% in July 2015, less than the last rise of 0.5%.
EURUSD Technical Analysis
The Euro traded lower this past week against the US Dollar to trade near 1.1150 where buyers appeared for an upside reaction. There are a couple of important bearish trend lines formed on the hourly chart, which are positioned around the current trading levels. It means the EURUSD pair is trading near an important resistance area.
If buyers manage to clear the 1.1250 resistance area more gains are likely in the near term. The next level of interest is seen around the 50% Fib retracement level of the last drop from the 1.1436 high to 1.1156 low. The most important point is that the mentioned Fib level is positioned with the 200 hourly simple moving average. So, sellers might take a stand around the 1.1300 area if the pair reaches there.
On the downside, the 1.1200 area may act as a support moving ahead. A break below it could take the EURUSD pair back towards the last swing low of 1.1156.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.