The EUR/USD is trading above 1.1700, up on the day amid a calm market mood as Presidents Trump and Putin are convening in Helsinki for a closely watched meeting. A light European calendar left US Retail Sales as the main event.
The GBP/USD is trading flat at around 1.3230, off the highs. Mixed US Retail Sales figures slightly push the pair higher. UK PM May asked MPs to back her in yet another Brexit vote in parliament.
The USD/JPY is trading around 112.35, virtually flat on the day as the US and Russian presidents speak after the summit as US Retail Sales missed on the Control Group but enjoyed upward revisions on all the figures.
The AUD/USD pared early gains and stabilized around 0.7415 after the US Retail Sales came out mostly within expectations but with upward revisions. Earlier, the pair advanced on an upbeat market mood.
IOTA price is among the biggest daily gainers on Monday 16. $1.00 was a key resistance level since the opening of the session today. However, in the last hour, a bullish trend has smashed the resistance at this level, in addition to re-entering Andrews Pitchfork support zone. The price dancing with the 50% Fib retracement level.
INTERVIEW OF THE WEEK
"It’s way more interesting to read up on crypto projects than snoozing with a 15-year Gold chart" - Crypto Ed
After our first interview with Steven Hatzakis, today we’ll continue with our interview series to crypto traders and talk with @Crypto_Ed_NL. Living in the Netherlands, Ed has been working in International Sales Projects for most of his career. Always interested in financial markets, cryptocurrency trading became his profession 4 years ago.
Ethereum price analysis: ETH/USD fireworks limited below $470, bullish momentum spikes over 4% on the day
Ethereum price has smashed out of the range explored during the analysis on Friday 13 last week. The crypto traded marginally above $450 on Sunday 15 (yesterday) but kicked off the trading on Monday at $449.51. ETH/USD is currently exchanging hands at $467 following an unexpected bullish momentum spike that is testing the resistance at $470.
Litecoin price had been locked below the critical resistance at $80.00 for over one week now. Although there was a bullish trend towards the end of last week, the momentum was not strong enough to overcome the selling pressure at $80.00.
The Eurozone trade balance is scheduled for the morning.
The high profile Trump-Putin summit in Helsinki is planned for today.
The UK Prime Minister Theresa May faces another tough Brexit vote in parliament on Monday.
The US retail sales are expected to increase 0.6% m/m in June with core retail sales seen rising 0.4% m/m in June.Read Full Report
ECB's Minutes cooled down hopes for a sooner rate hike in the EU
The dollar resumed its advance in a week where the trade war ups and downs, once again led the way. Trade tensions escalated mid-week on the back of headlines indicating that the US was planning to launch a list worth $200B goods, on where to impose a 10% tariffs.
The EUR/USD is looking for a new direction as traders shift their attention back to trade after France won the World Cup. What's next?
The Technical Confluences Indicator shows significant resistance at 1.1725 which is the confluence of the Fibonacci 61.8% one-month, the Fibonacci 61.8% one-week, and the Simple Moving Average 50-one-day.
Higher above, 1.1792 is the convergence of the one-month high, the one-week high, the Pivot Point one-week Resistance 1, and the Pivot Point one-day Resistance.
On the downside, 1.1658 is the confluence of the Fibonacci 23.6% one-week, the Bolinger Band one-day Middle (Stdv. 2.2), the Fibonacci 38.2% one-day, and the Simple Moving Average 100-15m.
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