The euro registered a significant increase against the dollar on Thursday. The single currency has advanced considerably shortly after the meeting of the European Central Bank. So losses from beginning of the week were completely wiped out, and the two resistances at 1.1066 and 1.1119 were pierced. If the bullish trend continues, the pair will reach the key level at 1.1244.
EUR/USD at the 1.3800 level.
- Thread starter fxstrategist
- Start date
honeill
Sergeant
- Messages
- 1,126
Yesterday EURUSD initially fell 177 pips but found enough buying pressure at 1.0819 daily support to turn around and close near the high of the day, in addition managed to close above the previous day high, suggesting a strong bullish momentum.
The pair closed above the 10, 50 and the 200-day moving averages -day moving averages that are acting as dynamic support.
Due to the 183 pips extent move the market might retrace back to 1.1097 daily support before another leg up.
The key levels to watch are: The year high at 1.1376 (resistance), a daily resistance at 1.1236, daily support at 1.1097, the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.1012 (resistance) and the 10-day moving average at 1.0999 (support).
The pair closed above the 10, 50 and the 200-day moving averages -day moving averages that are acting as dynamic support.
Due to the 183 pips extent move the market might retrace back to 1.1097 daily support before another leg up.
The key levels to watch are: The year high at 1.1376 (resistance), a daily resistance at 1.1236, daily support at 1.1097, the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.1012 (resistance) and the 10-day moving average at 1.0999 (support).
The single currency hit low against the dollar after the ECB announcement. Subsequently, however, the euro recovered positions and shoot up after ECB President Mario Draghi said he does not expect a need for new interest rate reduction in the future, but interjected that "this fact is subject to change."
victoriajensen
Private, 1st Class
- Messages
- 1,117
EUR/USD is headed for the support at 1.1040 again. If it breaks below that level we can probably expect a further move to the downside towards 1.0900.
sherif fares
Corporal
- Messages
- 451
EUR/USD most likely will enter the sideways trading for awhile after yesterday's spike.
honeill
Sergeant
- Messages
- 1,126
On the last Friday’s session the EURUSD initially fell but found enough buying pressure at 1.1097 daily support to reverse and closed in the middle of the daily range, in addition closed within the previous day range, suggesting lack of momentum and market indecision.
The pair closed above the 10, 50 and the 200-day moving averages that are acting as dynamic support.
The key levels to watch are: The year high at 1.1376 (resistance), a daily resistance at 1.1237, daily support at 1.1097, the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.1012 (resistance) and the 10-day moving average at 1.1002 (support).
The pair closed above the 10, 50 and the 200-day moving averages that are acting as dynamic support.
The key levels to watch are: The year high at 1.1376 (resistance), a daily resistance at 1.1237, daily support at 1.1097, the 200-day moving average at 1.1024 (resistance), 50-day moving average at 1.1012 (resistance) and the 10-day moving average at 1.1002 (support).
