EUR/USD

A double whammy of an incredulous ECB press conference, dollar strength on funding concerns and a Fed move to mitigate, generated a wild session on EUR/USD. A high to low range of 280 pips does not even tell the whole story either. Taking a step back though to survey the technical damage to the chart, there is a breach of the support band $1.1200/$1.1240 which we see as being a move that opens the next target area of $1.1100, an old pivot. Selling into strength has already been a developing theme and for now we see little reason to change this view. Technicals are reflective of this, with the RSI below 60 having been above 80 means the corrective momentum is developing still. A Stochastics sell signal add to this. Resistance is now between $1.1200/$1.1240 with the 38.2% Fibonacci retracement (of $1.0775/$1.1492) at $1.1220. Whilst the market trades under $1.1300/$1.1330 resistance the move remains corrective now.

ERUUSD

 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD fades recovery moves above 0.6700 ahead of RBA Bulletin, Australia Trade Balance

AUD/USD fades recovery moves above 0.6700 ahead of RBA Bulletin, Australia Trade Balance

AUD/USD struggles to defend the latest bullish impulse around 0.6725-30, after bouncing off a one-week low the previous day, as traders await updates/data from Australia during early Thursday.

AUD/USD News

EUR/USD grinds higher past 1.0500 with eyes on ECB President Lagarde

EUR/USD grinds higher past 1.0500 with eyes on ECB President Lagarde

EUR/USD struggles to defend the previous day’s corrective bounce around 1.0510-15 during Thursday’s Asian session. In doing so, the major currency pair portrays the market’s inaction amid a light calendar and mixed sentiment.

EUR/USD News

Gold eyes further upside on downbeat United States Treasury bond yields

Gold eyes further upside on downbeat United States Treasury bond yields

Gold price seesaws around $1,785, after posting the biggest daily gains in a week, as buyers seek more clues to approach the five-month top marked earlier in the week. The yellow metal’s latest run-up could be linked to the downbeat performance of the United States Treasury bond yields.

Gold News

Binance’s US arm eliminating trading fees for ETH means this for Ethereum price

Binance’s US arm eliminating trading fees for ETH means this for Ethereum price

Binance has managed to cement itself in the crypto space as a leader over the last couple of weeks. Following FTX’s collapse, the world’s biggest cryptocurrency exchange has been attempting to regain its customers’ trust and confidence.

Read more

Mixed affair for equities as losses ease

Mixed affair for equities as losses ease

A mixed affair for markets today has seen the DAX and Nasdaq underperform. Meanwhile, the Bank of Canada has lifted rates once more, although the recent rise in variable mortgages will likely limit future hikes.

Read more

Majors

Cryptocurrencies

Signatures