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Chart Of The Day For August 29th,2014 -EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3151, 1.3041-64, 1.2977 Resistance:1.3232, 1.3281, 1.3361 The Euro may on the verge of a rebound against the US Dollar after forming a Bullish Engulfing candlestick pattern. A daily close above the 14.6% Fibonacci retracementat 1.3232 exposes the 23.6% level at 1.3281. Alternatively, a reversal below the 76.4% Fib expansion at 1.3151 clears the […]

Will Geopolitical Events Trump EUR’s Postponed Downfall?

What will come of the weak EUR bear position holders as the 18-member single unit trades up through the psychological €1.3200 handle? Clouding some of this morning’s price action will be month-end demand but with word that Russian forces have seized a coastal town inside of Ukraine on Thursday morning, geopolitical risk is once again […]

Euro Looks to German Inflation Report to Power a Corrective Bounce

Talking Points: Euro May Correct Higher if Augusts’ German CPI Data Tops Expectations US Dollar Slumped on Profit-Taking in Asia, 2Q GDP Revision Eyed Ahead See Economic Releases Directly on Your Charts with the DailyFX News App The preliminary set of Augusts’ German CPI figures headlines the economic calendar in European hours. The baseline year-on-year […]

Chart Of The Day For August 28th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3151, 1.3041-64, 1.2977 Resistance:1.3232, 1.3281, 1.3361 The Euro may be preparing to launch a corrective recovery against the US Dollar after prices put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 1.3232, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at […]

EUR Demise Supported By Record-Low Peripheral Yields

This Friday cannot come soon enough for some forex market participants. So far this week, investors have been starved for fundamental data to back their currency positions. Many have had to make do with last week’s central bank rhetoric for direction. The currency positioning play has been agonizingly slow to watch and the current market […]

Dollar Hits 12-Month High Versus Euro, S&P 500 Crosses 2000

Talking Points: Dollar Hits 12-Month High Versus Euro, S&P 500 Crosses 2000 Euro Sinks as Market Rate Slides to Record Low USDJPY Climbs for a Seventh Straight Day Dollar Hits 12-Month High Versus Euro, S&P 500 Crosses 2000 Where were the balloons? The S&P 500 marked yet another milestone in its line of records by […]

Top Trade Idea For August 27th,2014 – EUR/CHF

Since the Swiss National Bank (SNB) imposed its peg in EUR/CHF, this cross has only traded below 1.20 a handful of times, and each time it has bounced off this important level of support. In the three years that the peg has been in place, the market hasn’t tested the SNB’s resolve with any gusto. […]

Chart Of The Day For August 27th,2014 – EUR/USD

By Ilya Spivak Talking Points:   EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3151, 1.3048-64, 1.2977 Resistance:1.3204, 1.3248, 1.3291   The Euro remains under heavy selling pressure, descending to the weakest level in almost a year against the US Dollar. A daily close below the 76.4% Fibonacci expansion at 1.3151 exposes the 1.3048-64 area marked by the 100% level and a falling […]

EUR Shorts Hanging Tough For Now

With the U.K. markets back online today after a holiday long weekend, playing catch-up is the order of the day. European credit markets are trading firmer this morning despite the non-rapturous applause in Asia that saw the Nikkei, Shanghai Composite Index, and Hang Seng Index close in the red after some quick profit-taking on the […]

Chart Of The Day For August 26th,2014- EUR/USD

By Ilya Spivak Talking Points:   EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3248, 1.3190-204, 1.3151 Resistance:1.3291, 1.3345, 1.3432   The Euro is testing the lower bound of its nearly four-month long downswing against the US Dollar after touching the lowest level since September 2013. Near-term support is in the 1.3177-1.3204 area, marked by the 61.8% Fibonacci expansion and a falling channel floor, […]

Dollar Hawks Look to Swoop Down on EUR Doves

A sleight of hand, a change of heart, and central bank policymakers are about to change the rulebooks on monetary policy. To date, the forex market has been cocooned by a Group of 10 low rate monetary policies resulting in a low volume, low volatility trading landscape. It would seem that the squeeze is on […]

USDOLLAR in at 6-Month High after Jackson Hole; USD/CHF Hits Target

Talking Points: USDOLLAR Index at highest level since 2/7/2014. USDCHF opens week in 0.9160/89 target zone. US Dollar strength in August shouldn’t surprise – it’s a seasonally strong month. The Jackson Hole Economic Policy Symposium has yielded bullish results for the US Dollar, which isn’t necessarily a surprise given the recent strength of the US […]

Chart Of The Day For August 25th,2014- EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3248, 1.3190-204, 1.3151 Resistance:1.3291, 1.3345, 1.3432   The Euro declined to hit an 11-month low against the US Dollar after carving out a Triangle chart formation. A daily close below the 1.3182-1.3204 area marked by the 61.8% Fibonacci expansion and a falling channel floor exposes the 76.4% level at 1.3151. Alternatively, a reversal […]

Week In FX Europe – Russia Has Euro Stocks Offside

Europe closes on “wrong side of right” EUR’s weakening stride intact German 10-year Bund trade at +0.97% Ms. Yellen has come and gone and her labor and rate thoughts will be deciphered in greater detail after the weekend. The European session is closing on the “wrong side of right” as fresh signs of escalation to […]

US Dollar Looks to Home Sales Data to Build on Yellen-Inspired Gains

Talking Points: US Home Sales Data May Help Dollar May Build on Yellen-Inspired Gains Euro May Fall as German IFO Survey Boosts ECB Stimulus Expansion Bets See Economic Releases Directly on Your Charts with the DailyFX News App The US Dollar outperformed in overnight trade as Asian markets took their turn to respond to supportive […]

Top Trade Idea For August 24th, 2014 – EUR/JPY

The August holidays seemed to have just gone by while the end of the month is fast approaching but most anticipation through market sentiments are focused on both the Euro zone’s deteriorating economic situation versus a more positive outlook for the US right after Yellen’s and Draghi’s speech at Jackson Hole last week. What would […]

Chart Of The Day For August 22th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3248, 1.3190-204, 1.3151 Resistance:1.3291, 1.3345, 1.3432   The Euro managed to break a three-day losing streak against the US Dollar after slumping to the lowest level in eleven months. Near-term support is at 1.3248, the 50% Fibonacci expansion, with a daily close below that exposing the 1.3190-204 area marked by the 61.8% level […]

Will Jackson Hole Be A Currency Event?

There’s chatter in the market that the two-day central bank symposium getting underway in Jackson Hole, Wyo., today could be a currency event, another type of Plaza Accord. Up until now, the market had been solely on the lookout for any hawkish comments from Federal Reserve Chair Janet Yellen’s presentation at the forum tomorrow to […]

EURJPY upside looking towards key inside trendline

The recent downturn in EURJPY has been reversed, with price now rising towards a major trendline. Should this trendline provide a spark, this could be the eighth  time that this same line has held. The weekly chart shows that this inside trendline has been absolutely key to price action for over a year, providing both […]

EUR/USD Slide Continues but EUR Weakness Elsewhere Questionable

Talking Points: EURUSD cracks to fresh yearly lows at 1.3241. USDCHF has resumed its move towards 0.9160/89. US Dollar strength in August shouldn’t surprise – it’s a seasonally strong month. EURUSD and USDCHF are back in tandem, and while that mean a bit more EURUSD weakness as USDCHF tries for $0.9160, that doesn’t mean that […]

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