Trading ideas - Next EUR/USD target is 1.1510
EUR/USD recovers from daily lows but holds below 1.1600
A scarce macroeconomic calendar, and the absence of fresh clues from policy makers keep the pair ranging today. Risk still skewed to the downside as trade war fears ebbed but didn't disappear.
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A hawkish Fed and a dovish ECB made the EUR/USD pair collapse toward weekly lows
What a week! Things moved in slow motion until Thursday across the FX board, but intense headlines kept coming pretty much since the week started. The dollar refused to surge despite encouraging local data, as speculative interest wanted to asses all the first-tier events before making up their minds one way or the other.
The USD/JPY enjoyed a recovery after the risk-off sentiment faded away. Can it continue its upward trajectory? Not so fast?
The Technical Confluences Indicator shows that that the pair initially needs to conquer the battle over 110.22 which is a dense cluster of technical levels including the Simple Moving Average 200-15m, the SMA 200-1h, the Fibonacci 61.8% one-day, the SMA 50-4h, the SMA 10-one-day, and the Bolinger Band one-hour Upper-Stdv. 2.2.
The next challenge is very close, at 110.35, which is the convergence of the Fibonacci 38.2% one-week, the SMA 100-1h, and the Bolinger Band one-hour-Middle.
