EUR/USD analysis: USD couldn't take trade-war retaliation
USD under pressure amid trade war jitters, US court ruling
The greenback is the worst performer this Thursday, as trade war jitters keep escalating, and news that the US Supreme Court announced its decision to allow states to require online tax collection.EUR/USD, nears daily highs in the 1.1620 region.
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The Bank of England is expected to leave the Bank rate unchanged at 0.50% with statement remaining dovish.
The US weekly jobless claims are expected to reach 220K.
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The Bank of England Governor Mark Carney is set to deliver a Mansion-house dinner speech at 20:15 GMT.
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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 EUR/USD consolidated its previous losses and stabilized below 1.1600. What's next? Rising may be harder than falling.
The Technical Confluences Indicator shows that that the pair faces a dense cluster of resistance lines at 1.1580 which is the confluence of the Simple Moving Average 100-15m, the Fibonacci 61.8% one-day, the Simple Moving Average 50-15m, the SMA 200-15m, the SMA 5-4h, the SMA 50-1h, and the SMA 10-4h.
Should the pair break above this level, there are quite a few lines of resistance with the 1.1645 level standing out as the convergence of significant levels: the Fibonacci 161.8% one-day, the Fibonacci 23.6% one-month, and also the Pivot Point one-day Resistance 2.
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