The uptrend in the euro against the dollar is still intact since April, even after the sharp downward correction over this weekend‘s trading hours. The down movement came after bad news from the European baltic states, signalling fresh financial trouble from Latvia, and probably Estonia as well. We have had that before, and the Eurozone always convinced the market of their support for troubled Baltic or eastern European regions. For now, the euro is again in a deep oversold condition against the dollar, so we count on upward corrections during this week.
In today‘s trading, we expect some consolidation of the dollar at its higher levels, but do not see much more of its recent strength developing. A sideways trend is in the cards today, still with tradeable ranges, as explained in the major pair list below. There are no important economic market-moving data scheduled for today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair again lost ground in early European trading and is currently priced at 1.3830, near an important support level. We expect recovery moves to set in soon today, to a maximum of 1.3950.
GBP / USD
Having lost over 400 pips over the last 15 hours, cable is trading right now at 1.5865 in heavily oversold condition. We do not see much more downside risk in this market today, and rather forecast recovery moves, up to levels around 1.5950.
USD / CHF
The dollar is continuing to recover against the Swiss franc in early European trading and is currently priced at 1.0980. We expect this bid tone to ease in today’s trading, giving room to a downward correction to 1.0880.
USD / JPY
After a strong performance in Asian trading, the dollar against the yen fell in European morning trading. A consolidation has set in, between the 98.70 / 98.30 mark, with the market right now in the middle of it, at 98.60. We do not expect a major change in this picture today.
In today‘s trading, we expect some consolidation of the dollar at its higher levels, but do not see much more of its recent strength developing. A sideways trend is in the cards today, still with tradeable ranges, as explained in the major pair list below. There are no important economic market-moving data scheduled for today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair again lost ground in early European trading and is currently priced at 1.3830, near an important support level. We expect recovery moves to set in soon today, to a maximum of 1.3950.
GBP / USD
Having lost over 400 pips over the last 15 hours, cable is trading right now at 1.5865 in heavily oversold condition. We do not see much more downside risk in this market today, and rather forecast recovery moves, up to levels around 1.5950.
USD / CHF
The dollar is continuing to recover against the Swiss franc in early European trading and is currently priced at 1.0980. We expect this bid tone to ease in today’s trading, giving room to a downward correction to 1.0880.
USD / JPY
After a strong performance in Asian trading, the dollar against the yen fell in European morning trading. A consolidation has set in, between the 98.70 / 98.30 mark, with the market right now in the middle of it, at 98.60. We do not expect a major change in this picture today.
