Intraday Forex Friday, October 29 (EURUSD, USDJPY, etc). Dollar wallows near one-month low on strong euro.


Hi everyone. This observation is made around 06:10 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Shares were on edge on Friday, as investors reacted to the release of U.S. economic growth data, which grew slower than expected. Although focus is still retained on the strong corporate results and interest rate expectations.
Oil prices headed for their first weekly losses in more than two months. Gold headed for weekly gains.

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  • The euro held at $1.16749, headed to a 0.3% weekly gains, and now hovering just below $1.16920, a one-month high marked overnight.​
  • The euro was strong as comments by ECB President Christine Lagarde on Thursday were interpreted as not going far enough in affirming the central bank’s dovish stance against market expectations for +20 bp ECB rate hikes in 2022, causing the markets to harden those rate-hike expectations and providing a bullish factor for the euro.​
  • Meanwhile the Fed is widely expected to announce tapering of its bond purchase with interest rate lift-off at its policy meeting due next week.​
  • The EUR/USD buyers returned, grinds higher heading into Friday’s European session.​
  • Traders will have their eyes on economic gauges from both regions later in the day, with Europe seeing a preliminary reading of the CPI, while the U.S. gets personal spending and income data.​
Important Levels to Watch for:​
  • Resistance line of 1.17208 and 1.17636.​
  • Support line of 1.15821 and 1.15392.​

  • Against the yen, the dollar was mostly unchanged at 113.624, continuing to ease back gradually from the almost three-year high of 114.692 reached last week.​
  • The USD/JPY is heading for a slight gain for the week, standing firm on Friday following a mild reaction on the outcome of BoJ policy meeting on Thursday.​
  • The Bank of Japan kept ultra-easy policy as expected, with short-term interest rate target remaining around -0.1%.​
  • Investors also refrained from placing big bets ahead of an outcome of the country’s general election, on Sunday.​
  • The USD/JPY pair continue oscillating within the 113.27 support line and 114.167 resistance price level as the range has contained price action in recent trading. Buying pressure spiked in the last two trading sessions when the pair approached the support line.​
Important Levels to Watch for Today:​
  • Resistance line of 114.167 and 114.612.​
  • Support line of 113.277 and 112.832.​

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