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FxGrow Fundamental Analysis – 08th Feb, 2017
By FxGrow Investment Research Desk
EUR/USD Plunges On Recovering US Dollar
EUR/USD extended bearish move for the third consecutive day opposed by replenishing US dollar. The pair rolled shed 146 pips since Monday's highs 1.0790 till today's lows 1.0644, currently trading at 1.0647 and it's expected to depress further more as US index peeked today at 100.62. Trump, during a press conference, made a severe attack on the EURO accusing Germany of currency manipulation which created a negative bubble on ECB policy but Draghi responded back with annulment on Monday.
US index surprise recovery was boosted today and yesterday through coordination by Fed members Harker, Evans, and Williams saying that March Fed rate hike is back on the table after giving it 10% odds of occurring. They also added that additional two hikes after march are at higher chances.
Trend : Bearish
Key levels to watch : Daily Pp 1.0695
Resistance levels : R1 1.0716, R2 1.0792, R3 1.0859
Support levels : S1 1.0627, S2 1.0569, S3 1.0522
Remark : Look forward for tomorrow's US Unemployment Claims scheduled at 1:30. Closing under yesterday's lows will send a negative wave for EUR/USD levels with additional selloffs and wash towards S2 level. Closing above R2 is needed to reverse bearish momentum.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
By FxGrow Investment Research Desk
EUR/USD Plunges On Recovering US Dollar
EUR/USD extended bearish move for the third consecutive day opposed by replenishing US dollar. The pair rolled shed 146 pips since Monday's highs 1.0790 till today's lows 1.0644, currently trading at 1.0647 and it's expected to depress further more as US index peeked today at 100.62. Trump, during a press conference, made a severe attack on the EURO accusing Germany of currency manipulation which created a negative bubble on ECB policy but Draghi responded back with annulment on Monday.
US index surprise recovery was boosted today and yesterday through coordination by Fed members Harker, Evans, and Williams saying that March Fed rate hike is back on the table after giving it 10% odds of occurring. They also added that additional two hikes after march are at higher chances.
Trend : Bearish
Key levels to watch : Daily Pp 1.0695
Resistance levels : R1 1.0716, R2 1.0792, R3 1.0859
Support levels : S1 1.0627, S2 1.0569, S3 1.0522
Remark : Look forward for tomorrow's US Unemployment Claims scheduled at 1:30. Closing under yesterday's lows will send a negative wave for EUR/USD levels with additional selloffs and wash towards S2 level. Closing above R2 is needed to reverse bearish momentum.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.