EUR/USD analysis of the week (4h candlesticks)
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The pre-planned short positions from the key resistance range have been realized with attainment of minimal assumed target. OsMA trend indicator having marked the feature of bullish incompletion with general activity parity of both parties gives grounds to presume further rate rise to the boundaries of Ichimoku cloud at 1.3220/40, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.3160/80, 1.3080/1.3100 and/or further breakout variant up to 1.3020/40, 1.2940/60, 1.2820/60. An alternative for buyers will be above 1.3360 with the targets 1.3400/20, 1.3460/80, 1.3540/80.
The EUR/USD seen a resistance at the 20-day SMA in the early Asian session and dropped to 100 pips. The traders believe that the euro's decline was in sequence with the selling experienced in the other major pairs, as the dollar posted strong gains tonight on risk-aversion.
A Rally in the Euro in the Wednesday night-Thursday morning session which brought the EUR/USD to 1.34 sparked a wave of short covering in the Dollar on Thursday as traders began closing down their positions in advance of the May Day holiday in Europe. Overall though, the dollar was down to most of the majors as risk appetite continued to factor in after the US Federal Reserve said the decline in the economy showed signs of easing. Investors continued their move into higher yielding currencies such as the Aussie as market sentiment improved.
At 11:15PM GMT, the Dollar was up .33% to the Euro to 1.3227, up .97% to the Yen to 98.57, down .3% to the Sterling to 1.4777, down .87% to the Canadian Dollar to 1.1929 and up .3% to the Swiss Franc to 1.1408.
At 11:15PM GMT, the Dollar was up .33% to the Euro to 1.3227, up .97% to the Yen to 98.57, down .3% to the Sterling to 1.4777, down .87% to the Canadian Dollar to 1.1929 and up .3% to the Swiss Franc to 1.1408.
Today
The main cross of the market is giving signs of strength, after breaking high the downwards channel it was drawing.
Right now, the pair is over the support at 1.3300, and after breaking yesterday's resistance at 1.3390, I believe that the pair could go back to the wide range between 1.3300 and 1.3700. Now, I am monitoring the pair to see if it breaks 1.3580...
good trades!
The main cross of the market is giving signs of strength, after breaking high the downwards channel it was drawing.
Right now, the pair is over the support at 1.3300, and after breaking yesterday's resistance at 1.3390, I believe that the pair could go back to the wide range between 1.3300 and 1.3700. Now, I am monitoring the pair to see if it breaks 1.3580...
good trades!
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The currencies are under range bound now...but the EUR are definitely on a uptrend now based on weekly chart...
Once the current downtrend line break out, we will see big movement on the upside
Once the current downtrend line break out, we will see big movement on the upside
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