EUR/USD had a bullish momentum yesterday, closing above key resistance 1.1200. Overall I still prefer a bearish scenario but this made me stay away for now and wait for a new model. The bias is bullish for testing the lower line of the bullish price channel, localized around 1.1300. A clear break and daily close above that area could lead to further upward pressure to test 1.1400. The first support is at 1.1170/50, whose breach can reactivate the downward pattern for testing 1.1070/50 or lower.
The dollar strengthened on Wednesday, rebounding from a six-week low, reached in the previous session, as investors closed positions ahead of Friday's US employment report, excluding the agricultural sector, which should help determine the timing of the next increase of the Fed rate. The euro fell by 0.46 percent against the dollar to $ 1.1173.
The single currency marked a decrease against the US dollar on Wednesday. The euro failed to keep gains, accumulated in the previous session . The break of resistance at 1.1290 was postponed, but the pair most likely will test it in case the bullish sentiment prevail.
The euro marked slight decrease against the dollar on Thursday. The single currency lost some ground for a second day, but the pair failed to break the support at 1.0950. If the negative momentum continu, this level will be overcome.
The euro continued to lose ground against the dollar for a third straight session on Friday. The good data on the new jobs in US contributed to increased volatility and ultimately the euro depreciated by 40 pips to a closing price of 1.1087. Currently the 100 MA acts as a support, but a possible breakthrough would lead to 1.1045 and would reinforce the negative attitude.
Last Friday sent the EUR/USD pair to lower levels and today is staying in muted mode. Anyway Friday’s low at 1.1044 is within the supposed sideway range. Any possible euro bears’ efforts will run across the key resistance at 1.12 area.
During yesterday’s session the EUR/USD remained close to unchanged and was trading within a narrow range. At the end of the session the euro managed to add just 7 pips to close at 1.1087.
Still the negative sentiment prevails. Support is seent at 1.1045 and resistance is located at 1.335.
The US mixes data released this morning pushed the euro slightly higher against the US dollar. The EUR/USD pair managed to escape from the two week low at 1.1043 to currently trade at 1.1113.
The euro recorded moderate growth during yesterday's session after trading in a narrow range on Monday. EUR/USD pushed higher with 28 pips to 1.1115. RSI is in positive trend and support the bulls. If the pair climb above the 50-day MA at 1.1140, next target is 1.1160.
The euro fell against the US dollar, although its losses were mitigated by the demand for EUR/GBP, which amid concerns about slowing economic growth in England overcame the barrier of 0.86 for the day. The euro ended the day below the MA50 around 1.1150.
The euro rose against the dollar on Friday. By the end of trading session EUR/USD was traded at 1.1161, gaining 0.21%. I believe that the support is now located at the level of 1.1067, Tuesday's low, and resistance is likely to be at the level of 1.1221 - a maximum of Friday's trading.
The pair is passing minor upward correction. The best entry for shorts is 1.1200, with a target level of 1.1043. I do not expect a trend reversal due to a significant difference between the directions of the ECB and the Fed's policy. The outlook for the pair is still negative and shorts are more logical.
The single currency marked an increase against the US dollar on Friday. The pair gained 25 pips to close the session at 1.1161. In the short term the positive attitudes prevail and strong support is seen at 1.1100.
The downbeat US data today pushed the single currency higher to reach an intraday high at 1.1203, but cound’t fight the resistance at 1.1230. Key support remains 1.1100.
The single currency marked a slight increase against the US dollar on Monday. The pair opened at 1.1167 and closed only 15 pips higher. The graphics continue to develop above the moving averages, while the RSI remained on neutral territory. In case that the upward direction continue, we may expect a test of the first resistance located at 1.1286.
The single currency marked a significant increase against the US dollar on Tuesday. The pair added 95 pips to a closing price of 1.1277. The pair is moving above the moving average and for further bullish continuation is needed breakthrough of 1.1286.
The euro registered a modest rise against the US dollar on Wednesday. After a volatile session the pair added only 11 pips. The session started at 1.1277 and the price rebounded from the resistance at 1.1286, but finally the pair broke the first resistance and closed at 1.1288. If the upward trend continues, we may expect a test of the next resistance at 1.1400.
EUR/USD was trading in narrow range during today session. In the afternoon the upbeat US data pushed down the pair from the ntraday high, marked at $1.1355 to currently trade at $1.1305.
