Intraday Forex Friday, September 10 (EURUSD, USDJPY, etc) Dollar headed for its winning week. Euro got support overnight on ECB decision.


Hi everyone. This observation is made around 5:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares rallied on Friday after two days of losses, as traders weigh the elevated inflation and slower economic reopening alongside prospect of reduced central bank stimulus.
The dollar meanwhile headed for its winning week against most currencies on Friday after rebounding from a payrolls-induced sell-off, as investors continued to ponder over the Federal Reserve’s timeline on asset purchases tapering.

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  • The euro was flat in early Friday at $1.18290, after the ECB announcement helped it stem a few days of losses, as it fell off its month high set at the end of last week.​
  • The euro is on track for a 0.47% declines this week.​
  • The single currency got some small measure of support overnight, after the ECB said it would trim emergency bond purchases over the coming quarter, as widely expected. EUR/USD also gained after the ECB raised its 2021 Eurozone GDP estimate to 5.0% from 4.6% and raised its 2021 Eurozone inflation forecast to 2.2% from 1.9%.​
  • Eurozone bonds yields tumbled following the step. French 10-year yields turned negative. Germany's 10-year yield, the benchmark for the bloc also fell.​
  • The EUR/USD pair hovers to form intraday resistance against the price, to support the chances of resuming the negative trades in the upcoming sessions, waiting to test 1.1798 mainly, with bearish trend for the upcoming period, which its targets extend to 1.1784 after breaking the previous level.​
Important Levels to Watch for:​
  • Resistance line of 1.18462 and 1.18609.​
  • Support line of 1.17977 and 1.17841

  • The dollar rose 0.2% to 109.864 yen on Friday, but was little changed for the week, still meandering in the middle of its range of the past two months.​
  • The pair pulled back gaining ground as the dollar tracks the U.S. yields higher.​
  • Despite the stability of the USD/JPY currency pair around the current range, bulls still need more momentum to move towards the resistance levels at 110.30 and 110.563 to confirm the strength of the upward move. On the daily chart, the support levels 109.45 and 109.19 are still legitimate targets for the bears in case the currency pair does not get more bullish momentum for a prolonged period.​
Important Levels to Watch for Today:​
  • Resistance line of 110.301 and 110.563.​
  • Support line of 109.456 and 109.195.​

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