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Talking Points: British Pound May Drop on Status-Quo Bank of England Meeting Minutes US Dollar to Rise if September’s CPI Tops Forecasts, Boosting Fed Outlook See Economic Releases Directly on Your Charts with the DailyFX News App Minutes from October’s Bank of England policy meeting headline the economic calendar in European hours. The voting pattern […]
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After bouncing at the start of the month, the euro has sold off across the board this week as traders increase bets that the ECB will have to ease policy further in the coming months. EURUSD, the world’s most widely-traded currency pair, has reversed back lower after managing to retrace just 23.6% of its previous […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.2668, 1.2534, 1.2316
- Resistance:1.2852, 1.2931, 1.3070
The Euro is in a precarious position after bouncing as expected against the US Dollar having formed a bullish Piercing Line candlestick pattern. Prices are testing support in the 1.2668-1.2712 area (channel bottom, 14.6% Fibonacci expansion), with a daily close below that exposing the 1.2500-34 zone (October 3 low, 23.6% level). Alternatively, a reversal above the 23.6% Fib retracement at 1.2852 opens the door for a test of the channel top at 1.2931.
We are aiming to re-enter short in line with our long-term fundamental outlook. Confirmation of bearish trend resumption is absent for now however and risk/reward parameters are skewed against entering a trade as prices sit squarely at support. With that in mind, we will remain flat for now.
Bitcoin is currently quoted at $380, just $2 dollars weaker compared to yesterday. Prices first rallied to a high of $385 only to fall back to a low of $379 few hours later. Bitcoin is still in the middle of the emerging range between $362 and $388. The 1 Hour chart below that shows that […]