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EUR/USD Daily Chart Analysis For Week of April 12, 2024Technical Analysis and Outlook: The Eurodollar has completed an Inner Currency Dip of 1.065. This momentum is expected to generate further selling pressure, resulting in a decline to the next Inner Currency Dip of 1.054. Ultimately, the Eurodollar is expected to reach an Inner Currency Dip of 1.045. It is worth emphasizing, however, that an interim rebound to the Mean Resistance level of 1.075 may be feasible before the Eurodollar resumes its downward trajectory.
by TradeSelecter
Euro can’t find its footing after ECB pauseThe euro continues to stumble and is down for a fourth straight day. In the European session, EUR/USD is trading at 1.0653, down 0.67%. The euro has fallen 1.7% this week as the US dollar continues to flex its muscles against the major currencies. The European Central Bank maintained the deposit rate at 4% for a fifth straight time on Thursday, as expected. Interest rates remain at record levels but Lagarde & Co. provided fresh hints that policy makers are looking to lower rates at the June meeting. The economic background appears favorable for a rate cut. Eurozone inflation has dropped to 2.4%, close to the 2% target and the economy is barely growing. ECB members, including those with more hawkish views, have been hinting at a June rate cut. The ECB statement echoed this view, saying if its confidence increases that inflation is moving towards the target “in a sustained manner”, then a rate cut would be appropriate. At her press conference, ECB President Lagarde noted that several members had voted in favor of a rate cut on Thursday. Lagarde added that the ECB could make a cut even if inflation remained above 2%, if the ECB was confident that inflation was moving in the right direction. It’s a very different story in the US, where the Federal Reserve is dealing with a surprisingly strong US economy. March nonfarm payrolls crushed expectations and US inflation climbed to 3.5%, up from 3.2% and above the forecast of 3.4%. Fed members are sounding hawkish and the markets have slashed rate cut expectations. After the hot US inflation report, Boston Fed President Collins said that the Fed may need to cut rates less than previously expected and New York Fed President Williams said there was “no clear need to adjust policy in the very near term”. The markets have lowered the odds of a June cut to just 24%, compared to 54% a week ago. A September cut was priced in at 91% a week ago but that has dropped to 72%, according to the CME FedWatch tool. EUR/USD is testing support at 1.0651. Below, there is support at 1.0597 1.0749 and 1.0813 are the next resistance lines
by OANDA
Levels discussed on Livestream 11th April 11th April DXY: Needs to stay above 105 support area, before testing higher to 105.58 NZDUSD: Sell 0.5980 SL 20 TP 40 AUDUSD: Sell 0.6545 SL 20 TP 60 USDJPY: Buy 153.35 SL 20 TP 45 (watchout for possible intervention) GBPUSD: Consolidate to break 1.25, Sell 1.2490 SL 20 TP 100 (Hesitation at 1.2450) Counter Trend Opportunity EURUSD: Rejection of 1.08, Sell 1.0790 SL 20 TP 60 USDCHF: Buy 0.9170 SL 20 TP 55 USDCAD: Sell 1.3665 SL 30 TP 50 Gold: Break down below 2325 to trade down to 2305
TVC:DXY
by JinDao_Tai
2
Keep your eyes on the ECB today. EURUSD in the spotlight!EASYMARKETS:EURUSD Disclaimer: easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
by easyMarkets
EUR/USD to slump again after ECB decision? The EUR/USD plunged after the hotter-than-expected CPI, as traders reevaluated the odds of a Fed rate cut in June. EUR/USD has now perhaps broken out of the range of its significant Simple Moving Averages. Now we might get another pushdown in the lead up to or after the ECB interest rate decision tomorrow. The April 2 swing low of 1.07245 may prove pivotal. The previous session's decline was the biggest single-day decline since March 2023, so it will be interesting to see if this bearishness has been exhausted. The European Central Bank (ECB) is expected to keep rates unchanged but perhaps point towards the start of its own rate cutting cycle in June. ECB officials have already begun discussing this timeline, so tomorrow’s announcement might lack the bite of a CPI print. Instead, traders could look for clues on future ECB policy during Christine Lagarde’s press conference following the rate decision.
by BlackBull_Markets
EUR/USD Daily Chart Analysis For Week of April 5, 2024Technical Analysis and Outlook: The Eurodollar has broken through our Mean Support level of 1.077 and has quickly risen to hover around the Mean Resistance level of 1.084. This momentum is expected to generate further selling pressure, resulting in a decline to the Mean Support level of 1.074. Ultimately, the Eurodollar is expected to reach an Inner Currency Dip of 1.065. However, it is essential to note that an intermediate fluctuation at the Mean Resistance level of 1.084 may require action.
by TradeSelecter
Euro extends gains as Services PMIs improveThe euro is on a bit of a roll and has pushed slightly higher on Thursday. In the European session, EUR/USD is trading at 1.0857, up 0.19%. The euro is up for a third straight day and has climbed 0.8% since Monday. Business activity improved across the eurozone in March. The eurozone services PMI rose to 51.5, up from 50.2 in February. The German reading improved to a revised 50.1, up from 48.3 in February. This marks the first expansion in Germany’s services sector in six months. Spain, France and Italy all showed stronger expansion in March. The 50.0 line separates contraction from expansion. The services sector has carried the eurozone economy as manufacturing continues to decline. The eurozone has managed to avoid a recession, but the economy remains fragile. At the same time, inflation has been falling faster than expected, and European Central Bank policy makers have the tough task of determining the appropriate time to start cutting the deposit rate, which is currently at a record high 4%. The markets are anticipating a rate cut in June and some ECB members have publicly stated that they support such a move. ECB member Robert Holzmann, considered a hawk on rate policy, said on Wednesday that he isn’t against a June cut but would want to see more data before making a decision. Holzmann added that if the ECB lowers rates in June and the Federal Reserve stays on the sidelines, this would reduce the effectiveness of the ECB lowering its deposit rate. In the US, employment numbers are in focus, with nonfarm payrolls on Friday. The markets are expecting a drop to 200,000 in March, compared to 275,000 a month earlier. Unemployment claims will be released later today and are not expected to show much change. The market estimate stands at 214,000, compared to the previous reading of 210,000.
by OANDA
Japanese yen flirting with 152The euro is showing little movement on Wednesday. In the European session, EUR/USD is trading at 1.0777, up 0.05%. Inflation in the eurozone continues to decline. March CPI eased to 2.4% y/y, down from 2.6% in February and below of the market estimate of 2.6%. This matched November’s 28-month low and was driven by the continued slowdown in food inflation. Monthly, CPI rose to 0.8%, up from 0.6% but below the forecast of 0.9%. Core CPI also declined, with a reading of 2.9% y/y. This was below the February gain of 3.1% and just shy of the market estimate of 3.0%. Core CPI, which is considered more significant than the headline release, has declined for an eighth straight month and dropped to its lowest level since February 2022. Germany’s inflation report, which was released yesterday, also indicated that inflation dropped in March, with headline CPI easing to 2.2% and core CPI to 3.3%. The drop in inflation is encouraging news for the ECB, which meets next week. The central bank must balance weak economic activity, which would support another pause, against falling inflation, which would support calls to lower rates. The ECB is likely to maintain rates next week but there is a strong probability that it will press the rate-cut trigger at the June meeting. The ECB may want to prepare the markets for a shift in monetary policy and we could see some dovish signals at next week’s meeting, which might weigh on the euro. In the US, today’s ADP employment report kicks off a host of employment releases, highlighted by nonfarm payrolls on Friday. The ADP report isn’t considered a reliable precursor to NFP, but investors are interested in any labour reports they can analyse ahead of the NFP release. ADP came in at 140,000 in February and is expected to rise slightly to 148,000 in March. EUR/USD is putting pressure on support at 1.0753. Below, there is support at 1.0712 1.0808 and 1.0849 are the next resistance lines
by OANDA
EUR/USD Daily Chart Analysis For Week of March 29, 2024Technical Analysis and Outlook: According to the Daily Chart Analysis for the week of March 22, the Eurodollar has successfully completed a Squeeze Currency Dip of 1.078, which was the primary target. Consequently, this momentum is projected to generate further selling pressure, leading to a decline to the Mean Support level 1.070. Ultimately, the Eurodollar is anticipated to hit an Inner Currency Dip of 1.065. However, it is essential to note that a potential intermediary rebound may occur, which could result in a move to a target of 1.084.
by TradeSelecter
EUR/USD falls to five-week lowThe euro has edged lower on Friday. In the European session, EUR/USD is trading at 1.0782, down 0.05%. It has been a bumpy road for the euro in 2024, as the currency has declined 2.3% so far this year. Earlier today, EUR/USD dropped as low as 1.0768, its lowest level since February 21. Germany, the largest economy in the eurozone, continues to struggle and that is weighing on the eurozone as well as the euro. German consumer confidence is mired in negative territory and this week’s retail sales report was dismal, with a 1.9% decline m/m in February. This was shy of the market estimate of 0.3% and marked a fourth straight decline. On an annualized basis, retail sales slumped by 2.7%, a fourth straight decline. German and eurozone data has been weak, which is not surprising as elevated interest rates have dampened growth. The European Central Bank held the key interest rate at 4.0% for a fourth straight time this month and must decide on the appropriate timing for a rate cut. The April or June meetings appear the most likely times for a rate cut. ECB member Francois Villeroy was the latest ECB policy maker to weigh in, saying on Thursday it was important to make a “moderate cut”, even if the ECB decided to then resume holding rates. ECB member Fabio Panetta said the same day that the central bank was leaning towards lowering rates as inflation continued to decline. In the US, the week wraps up with the PCE Core Index, considered the Federal Reserve’s preferred inflation indicator. The index is expected to tick lower to 0.3% m/m in February, compared to 0.4% in January. Fed Chair Jerome Powell will speak at a conference in San Francisco and the markets will be hoping for some insights about rate policy. EUR/USD tested support at 1.0765 earlier. Below, there is support at 1.0743 1.0798 and 1.0820 are the next resistance lines
by OANDA
EUR/USD Daily Chart Analysis For Week of March 15, 2024Technical Analysis and Outlook: During this week's trading, the Eurodollar had difficulty surpassing our Mean Resistance level of 1.097. As a result, it continued to move towards our Mean Support level of 1.087, which could lead to further selling pressure, resulting in a decline to the Mean Support level of 1.080. Nevertheless, the currency could reach the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
by TradeSelecter
Euro stabilizes, ECB starts talking rate cutsThe euro is steady on Friday, after sustaining sharp losses a day earlier due to the US inflation report. In the North American session, EUR/USD is trading at 1.0893, up 0.09%. The European Central Bank maintained the deposit rate at 4.0% for a fourth straight time at last week’s meeting. It looks like rates have peaked but the ECB has been reluctant to signal that it is contemplating cutting rates, although the markets have priced in a first rate cut in the summer. The ECB remains concerned about lowering rates too early and then having to zigzag on policy and raise rates if inflation starts to rise. The battle to bring eurozone inflation down to the 2% target is going well but remains unfinished, with headline inflation at 2.6% and core inflation at 3.1%. For months, ECB policy makers have been stating that there is no rush to lower rates and warned that inflation remains a key concern. However, the winds appear to be shifting, as two ECB Governing Council members openly called for rate cuts this week. Yammos Stournaras, head of Greece’s central bank, said that “we need to start cutting rates soon” and urged two cuts before the summer break and four during the year. Stournaras added that his stance was in line with market expectations. Olli Rehn, Governor of the Bank of Finland, said earlier on Friday that if inflation continued to drop sustainably towards the 2% target, then the ECB could slowly lower loosen policy “close to the summer”. These comments from two senior ECB officials are a marked departure from the message the ECB has been sending and we can expect other senior officials to reiterate this dovish stance. This will likely put pressure on the euro, as lower interest rates will make the euro less attractive to investors. EUR/USD is putting pressure on resistance on 1.0907. Above, there is resistance at 1.0932 1.0858 and 1.0833 are providing support
by OANDA
EUR/USD Daily Chart Analysis For Week of March 8, 2024Technical Analysis and Outlook: In this week's trading, the Eurodollar saw a remarkable surge, breaking through our Mean Resistance levels of 1.085 and 1.090. The currency marched forward with significant momentum, leaving behind the previous trading range. However, based on the recent price trend and market analysis, we anticipate the Eurodollar will retrace its steps and move lower toward our projected Mean Support level of 1.087. This could trigger further selling pressure, leading to a decline to the Mean Support level of 1.080. Despite this, there is a possibility of the Eurodollar reaching the Inner Currency Dip of 1.100 before potentially resuming a bearish trend.
by TradeSelecter
Euro in holding pattern ahead of ECB decisionThe euro is barely making a peep on Thursday, ahead of the European Central Bank’s decision later in the day. In the European session, EUR/USD is trading at 1.0894, down 0.04%. The ECB is expected to follow the Federal Reserve’s pause and hold the deposit rate at 4.0% for a fourth straight time. Have ECB rates peaked? The answer seems yes, but ECB policy makers are unlikely to confirm that tightening is over, as concerns remain that inflation is not yet beaten. CPI is down to 2.6%, but core CPI is at 3.1% and service inflation is running around 4%. Inflation is on a downtrend, but the battle to bring down inflation to the ECB’s 2% target is not over. In what sounds like a Jerome Powell sound bite, ECB members have been saying that there is no rush to lower rates. The markets have priced in 90 points in cuts for 2024, with a first cut expected in June. The ECB will likely hold rates again today, which means that investors will be focused on the central bank’s economic outlook. The ECB is expected to revise lower its inflation forecast and ECB President Lagarde will likely address the inflation outlook in her press conference. Anyone looking for some insights about rate policy from Federal Reserve Chair Powell’s testimony on Capitol Hill on Wednesday was no doubt disappointed. Powell essentially doubled-down on a script we’ve heard before, which is that the Fed is planning to cut interest rates this year but please don’t hold your breath, as inflation is not where it needs to be and the Fed will remain cautious. Powell did not give any hints about the timing of a rate cut except to say that the timing was not yet right. Powell said that the Fed would carefully monitor data and the economic outlook before making any moves and that the Fed had to first gain “greater confidence that inflation is moving sustainably toward 2 percent”. Powell signaled that rates have likely peaked, saying that the Fed’s “policy rate is likely at its peak for this tightening cycle”. This means that the Fed’s rate path will probably remain in a holding pattern of “higher for longer” until the Fed sees clear evidence that inflation has been subdued. The markets have priced in three rate cuts this year, with June the likely date for the initial cut. EUR/USD is testing resistance at 1.0905. Above, there is resistance at 1.0944 1.0872 and 1.0833 are providing support
by OANDA
Watchout for the ECB tonightMarch 7th DXY: Stay below 103.40, to show downside to 103 support. Could bounce from support level NZDUSD: Sell 0.6155 SL 20 TP 80 (Hesitation at 0.6110) AUDUSD: Wait and see reaction at 0.6610. Breakout, Buy 0.6625 SL 20 TP 80 Rejection, Sell 0.66 SL 25 TP 70 USDJPY: Looking for reaction at 147.70, breaks support, Sell 147.60 SL 30 TP 90 GBPUSD: Sell 1.2760 SL 25 TP 60 (test and reject of resistance) EURUSD: Sell 1.0870 SL 20 TP 75 (ECB Rates & Press Conference) USDCHF: Buy 0.8825 SL 20 TP 60 USDCAD: Sell 1.3490 SL 20 TP 40 Gold: Could retrace down to 2126, but consider bullish trend.
TVC:DXY
by JinDao_Tai
EUR/USD Analysis: Key Zones and Entry Points Traders, Let's analyze EUR/USD across various time frames: Weekly Chart: We identify three distinct zones, with the nearest around 1.09. Daily Chart: The closest upper chart rests at 1.08838, while the nearest lower one is at 1.07994. 1-Hour Chart: Our initial entry aligns with the daily pivot and a crucial Murray level. Additionally, we anticipate: A potential break of the bearish trend line, signaling further bullish momentum towards the next level. Keep a close watch on the ECB rate decision on Thursday, March 7th, as it could significantly impact market sentiment. Our suggested entry zones for long positions are clearly marked on the chart, approximately around 1.0830 and 1.0800. Remain vigilant and trade wisely. Best regards,
Long
by AliSignals
EUR/USD Daily Chart Analysis For Week of March 1, 2024Technical Analysis and Outlook: In this week's trading, the Eurodollar lacked significant price movement, revolving around the Mean Resistance level of 1.085. This means that the currency has been experiencing a period of consolidation with no clear direction. However, based on recent price trends, we expect the Eurodollar to move towards our Mean Support level of 1.077. This may trigger further downward movement, leading to an additional decline. If the downward movement continues, the Eurodollar could reach the Inner Currency Dip at 1.065, which is the primary target. The Inner Currency Dip 1.065 is where the currency is expected to have the most significant support, and a reversal in trend can often occur. However, this decline will happen gradually, with Mean Support levels at 1.070 and 1.067 as intermediate upside price effects. It's important to note that various factors, such as economic data releases, political developments, and global events, can influence the Eurodollar's movement.
by TradeSelecter
EUR/USD dips as German inflation declinesThe euro is in negative territory on Thursday. In the North American session, EUR/USD is trading at 1.0800, down 0.35%. Germany’s inflation rate dropped to 2.5% y/y in February, down from 2.9% in January and lower than the market estimate of 2.6%. This was the lowest level since June 2021, as inflation continues to move closer to the European Central Bank’s target of 2%. Food and energy prices were the main drivers of the decline, while services inflation was unchanged at 3.4%. Monthly, inflation rose 0.4%, up from 0.2% in February and shy of the market estimate of 0.5%. Core CPI remained steady at 3.4%, its lowest level since July 2022. The eurozone releases February on Friday, which is also expected to decline. Headline CPI is expected to ease to 2.5%, down from 2.8% in January. Core CPI is projected to decline to 2.9%, compared to 3.3% in January. If the market estimates are on target, the drop in inflation will put pressure on the ECB to consider lowering interest rates as inflation gets closer to the ECB’s 2% target. ECB policy makers have been extremely cautious about easing monetary policy too quickly due to fears of inflation resurging, but the recipe of high interest rates and a weak eurozone economy could lead to a recession. In the US, market pricing for Fed rate cuts has been slashed and is currently in line with the Fed projection of three rate cuts this year. In December, the markets priced in as many as six rate cuts but a surprisingly robust US economy and a Fed pushback against rate expectations has pushed a March rate cut off the table, with June or September the likely dates of an initial rate cut. EUR/USD is testing support at 1.0823 . Below, there is support at 1.0760 There is resistance at 1.0885 and 1.0948
by OANDA
EURUSD 25/2/24EU is doing also the exact same thing as GU in which we have run higher into our supply as we called for our very first higher timeframe markup a few weeks back, following on from this idea we have also built liquid as we thought we would during our pullback stage for price, iam now looking for it to shift bearish within our 5min swing range as we are currently still sitting in a bullish range. iam looking into a long from market open ultimately leading us into a shift for major order flow into a sell move to sweep our liquid from the lows this in turn will then give us good reason to look for longs out of the lows and back into the highs! track what price gives you and always trade safe!
by PipSurfingSociety
EUR/USD Daily Chart Analysis For Week of Feb 23, 2024Technical Analysis and Outlook: the current week's trading, the Eurodollar has demonstrated remarkable resilience and a keen ability to withstand significant pressure. After initially facing a considerable challenge against our Mean Resistance level at 1.084, the currency has managed to push past it briefly, indicating a bullish trend. However, the bullish run has been short-lived, as the Eurodollar has retreated to its original position, pointing to a potential bearish trend. Based on recent price action, we anticipate the currency to move towards our Mean Support level at 1.077, which could trigger a further downward slide. If this downward slide occurs, the currency could reach the Inner Currency Dip at 1.065, which will be the primary target. However, this decline may happen gradually, with Mean Support levels at 1.070 and 1.067 acting as intermediate targets. Overall, the data suggests that the Eurodollar may experience a bearish trend shortly, and traders should consider this while making their investment decisions.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Feb 16, 2024Technical Analysis and Outlook: The Eurodollar experienced a decline during this week's trading session. It crossed our Mean Support level of 1.074 and Inner Currency level of 0.075 before quickly bouncing back to the Mean Resistance level of 1.079. Currently, the currency is in a primary downward trend and is expected to continue until it reaches the Inner Currency Dip of 1.065 via Mean Sup 1.071. However, an intermediate price trading at Mean Res 1.079 may cause a potential extension to 1.084.
by TradeSelecter
EUR/USD Daily Chart Analysis For Week of Feb 9, 2024Technical Analysis and Outlook: The Eurodollar traded lower in this week's trading session by completing our Inner Currency Dip of 1.075 and settling in a tight range, hovering above our Mean Sup 1.074 and under Mean Res 1.079. The Eurodollar is in a primary downward trend, which will continue until the support level marked at Mean Support of 1.074 and the Inner Currency Dip of 1.075 is broken. Once these levels are eliminated, the currency will continue to decline toward the next Inner Currency Dip of 1.065. However, an intermediate upward movement is possible, in which case the currency might retest the Mean Support level of 1.084.
by TradeSelecter