EUR/USD daily overview

9 avr. 2018

EUR/USD was trading slightly above the 1.2240 mark early on Friday, being restricted by the 38.20% Fibo retracement.

This sentiment changed in favour of bulls mid-session in response to rather disappointing US employment data. Upside risks likewise prevailed during the following hours, thus sending the pair towards the upper boundary of a short-term channel and the weekly PP circa 1.2280. As a result of this upside movement, the Euro has likewise formed a retracement from the previously-breached senior channel.

Technical indicators are more bearish for today, thus suggesting that the combined support of the 55– and 100-hour SMAs near 1.2265 is more likely to be surpassed than the 200-hour SMA at 1.23. The latter is also reinforced by the monthly PP at 1.2320.

10 avr. 2018

Note

The common European currency has been steadily appreciating against the US Dollar for the third consecutive session. This movement has been confined in two opposing channels.

Except for a 56-pip surge, the equal force of bulls and bears maintained the rate steady on Tuesday. The Asian session did not introduce massive changes, as the Euro remained lingering slightly below the upper boundary of the senior channel and the monthly PP at 1.2320.

It is likely that the bearish sentiment guides the pair today. Even if the senior channel is not respected, a move above 1.2360 is unlikely. Instead, the pair should approach a support cluster set by the 55–, 100– and 200-hour SMAs and the weekly PP at 1.2280.

This level is expected to hold in case the US PPI at 1230GMT does not change this assumption.

12 avr. 2018

Note

Despite high volatility, the common European currency remained stable against the Greenback on Wednesday. The general trading range for the pair was not significant, as it was fluctuating between the 23.60% Fibo at 1.2360 and the 1.2385 mark.

Given that technical indicators have already edged lower from their high positions, the Euro is likely to surrender under the bearish pressure. In addition, this currency has likewise failed to push towards the senior channel and the weekly R2 circa 1.2420.

In order to confirm this decline, the pair still has to overcome the strong support of the 55-hour SMA, the 23.60% Fibo and the weekly R1 near 1.2350. A successful breakout should send the pair towards the 1.2310 level, while a failure to do so is likely to result in a test of the senior channel.

13 avr. 2018

Note

As previously expected, the Euro surrendered under the bearish pressure on Thursday and thus was pushed down to the 200-hour SMA at 1.23. The 55– and 100-hour SMAs, the 23.60% Fibo retracement and the monthly PP was breached along the way.

Following this 62-pip fall, the pair rebounded from the long-term moving average and began edging higher. The pair’s movement early on Friday was constrained by the 100-hour SMA and the monthly PP.

The general tendency seems to be northwards; however, given that this session is likely to be rather uneventful, the Euro could lack the necessary strength to breach the 1.2360 level.

The base scenario favours minor fluctuations in this session, with the range boundaries being located at the 55– and 200-hour SMAs.