EURUSD Analysis (ongoing thread)

[ForexViking]

EURUSD - 20/09/2021 - The downtrend continues on the back of positive US data, why we always watch out for economic data!

US Retail Sales up by 0.7% rather than the negative 0.8% being predicted.

On top of that the Philadelphia Fed Manufacturing Index jumped to 30.7 in September from 19.4 in August.

Technically the pair looks oversold and we may see a bit of a retrace before travelling further down.

Going forward I’m eying the German elections on the 26th of September with centre-left Olaf Scholz looking in the lead and investors worried about a left leaning coalition.

Economic data to look out for this week:

Monday, German PPI

• Wednesday, EUR Consumer Confidence
• Thurs, PMI

All eyes on EUR this week.

Do you guys think we’re going to see the EUR drop further?

#financiallyfreetrader

 

[TareqS]

The level of 1.17850 has been working as a strong level of support. The price had a bounce and produced a bullish engulfing candle on the daily chart. Thus, it may not drop down at this time around but it may head towards the North instead. All depends on the level of 1.17850 though. Let us wait and see what happens next.

 

[pezz55]

EURUSD - 20/09/2021 - The downtrend continues on the back of positive US data, why we always watch out for economic data!

US Retail Sales up by 0.7% rather than the negative 0.8% being predicted.

On top of that the Philadelphia Fed Manufacturing Index jumped to 30.7 in September from 19.4 in August.

Technically the pair looks oversold and we may see a bit of a retrace before travelling further down.

Going forward I’m eying the German elections on the 26th of September with centre-left Olaf Scholz looking in the lead and investors worried about a left leaning coalition.

Economic data to look out for this week:

Monday, German PPI

• Wednesday, EUR Consumer Confidence
• Thurs, PMI

All eyes on EUR this week.

Do you guys think we’re going to see the EUR drop further?

#financiallyfreetraderView attachment 69081

We are currently at a key point for the EUR for sure. not far off taking out the yearly low if this happens then we could definatly be targeting lower all eyes are now on that red line you have marked out to see what happens over the week. currently USD has been strong but not sure for what reasons. we will need to see a clear break in the structure before i look for buys

 

[Treacle]

Stuck in a buy so hope it gets 1.162 before it drops again....

 

[ForexViking]

EURUSD - 04/10/2021 - The downtrend continues with the market being oversold but no signs of real exhaustion.

Last week EUR economic data coming in cold and Merkel’s party loss in Germany have helped push the pair down.

FED’s position on early tapering may be the driving force behind USD strength.

“US Fed chief Powell said multiple times that the central bank had reached its inflation mark to trigger tapering, noting that it will take just one good jobs report for him to accept the same for the employment threshold.” So all eyes on NFP on Friday for big move.

I can’t see a flip in the market so looking at further sells and expecting a slight retrace before.

Will be interesting to see how it goes with the NFP giving the pair a good potential to drop.

Do you guys see any reason to go long?

#financiallyfreetrader

 

[sam.peters]

No reasons to long, but I wouldn't be entering a short right now either, may find support here or continue falling to around 1.05X
We'll see I guess!

 

[TareqS]

The price has been very bearish. Thus, it would not be wise to go long in this chart. The sellers may wait for the price to make a bullish correction followed by a bearish reversal candle at key resistance area to go short in the pair.

 

[Jim B]

Nah bud I don’t see a reason to go long on this at the moment, see what happens to it this week but if anything I would be looking for a good spot to short it.

 

[ForexViking]

EURUSD - 11/10/2021 - NFP came in under expected but the pair continues to fall with EUR weakness being the driving force.

German economic data has been the leading Factor to the EUR weakness.

German factory orders fell 7.7% month/month in August, far worse than the 2.1% forecast, and industrial production dropped by 4.0% when a 0.4% decline had been predicted.

All in all the big driver for the larger downtrend seems to be the FED and other central banks looking to taper their monetary stimulus programs whilst ECB has it at the back of their minds.

This retrace spurred on by the NFP results might be a good place to sell from with no real signs of the overall town trend coming to an end.

This week seems EUR heavy on the economic calendar so not giving out much hope for a boost to the pair.

Do you guys think we’ll see a continuation of the downtrend?

#financiallyfreetrader

 

[JimmyRozza]

Back in the channel! I will wait for the next bounce for my next trade