Intraday Forex Friday, October 30 (USDJPY, EURUSD, & etc.) The dollar firmed and the euro hitting a four-week low.


Hi everyone. This observation is made around 4:00 UTC today, with 15 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares on Friday trade as surging COVID-19 cases and jitters over upcoming U.S. presidential elections, as well as fears that the global economic downturn will persist enveloped markets. Oil prices edged up after touching a five-month low yesterday. Gold headed for a third monthly drop, its longest run since 2019.

The dollar firmed and the euro wallowed near a 4-week low against the greenback after the ECB signaled on further monetary easing by the end of the year. Positive U.S. economic data also helped the rise of the dollar.

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  • The dollar slightly eased against the Japanese yen at 104.45.​
  • Overnight, the dollar rose 0.4% to 104.67 against the yen, rallying from a five-week low hit earlier in the session.​
  • The rally was benefited from a rebound in U.S. treasury yields and broad dollar buying.​
  • USD/JPY also recovered its losses as the yen weakened after the BOJ trimmed its 2020 Japan GDP forecast to -5.5% from a previous forecast of -4.7%.​
  • Thursday's Japanese economic data was also bearish for the yen after Japan Sep retail sales and consumer confidence index recorded a weaker-than-expectations result.​
Important Levels to Watch for Today:
  • Resistance line of 104.883 and 105.169.​
  • Support line of 103.958 and 103.673.​

  • The euro gradually picking up to $1.1691 in Asia on Friday, after hitting a four-week low of $1.1650 in U.S. trade overnight.​
  • The euro dropped to a four-week low against the U.S. dollar on Thursday after the ECB president flagged further monetary easing in December. The ECB said it would increase its support for the bloc’s economy amid the pandemic, thus weighing on the euro even as policy was left unchanged.​
  • Analysts expect an expansion and extension of the ECB’s Pandemic Emergency Purchase Programme, a lower deposit facility rate, and even more generous lending terms for banks in December.​
  • Alarming rate of COVID-19 new infection likely to continue to weight on the price movement. France and Germany have imposed controls almost as strict as the lockdowns of the first phase of the crisis in March and April, while Spain will be under a state of emergency until early May.​
  • Data due on Friday include euro zone’s Q3 GDP and October inflation, while the U.S. awaits September personal consumption and expenditures as well as Chicago PMI.​
Important Levels to Watch for:
  • Resistance line of 1.17634 and 1.18058.​
  • Support line of 1.16265 and 1.15842.​

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