Euro Dollar is generating initial signals of reversal
|Euro Dollar looks for direction near 1.1140
Euro Dollar is looking to leave behind Thursday’s pullback amidst the generalized rangebound theme prevailing in the global markets.
Spot lost some upside momentum during Thursday’s session after positive data results from the US calendar gave unexpected oxygen to the buck and encouraged the US Dollar Index (DXY) to rebound from weekly lows, all following the signing of the US-China’s ‘Phase 1’ trade deal. Read more…
EUR/USD: Looking for recovery – Commerzbank
Karen Jones, an analyst at Commerzbank notes that EUR/USD continues to see a slight recovery and the intraday Elliott wave counts are contradictory and they remain unable to rule out the scope for a deeper sell-off to the 100-day ma and uptrend at 1.1068/64. Read more…
Euro Dollar Outlook: initial signals of reversal generated after strong upside rejection
The Euro holds stands at the back foot in early Friday’s trading and returns below 200DMA (1.1135), adding to negative signal, generated on Thursday’s strong upside rejection which resulted in bearish daily candle with a long upper shadow that hints formation of the bull-trap pattern on daily chart.
Recovery rally from 1.1084 (10 Jan low) lost traction and increasing risk of reversal. Read more...
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