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Euro Traders Prepare for Direct Stimulus Update

Talking Points: Dollar and S&P 500 Suffer Worst Declines Since October Panic Euro Traders Prepare for Direct Stimulus Update Swiss Franc Potential Lopsided in SNB Rate Decision Dollar and S&P 500 Suffer Worst Declines Since October Panic ‘The Dollar’s safe haven status is broken’? That seems to be a claim be made more often these […]

Chart Of The Day For December 11th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 12397, 1.2246, 1.2142 Resistance:1.2501, 1.2658, 1.2913   The Euro broke out upward from a Falling Wedge chart formation as expected after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.2501, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 1.2658. Alternatively, […]

Chart Of The Day For December 10th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2386, 1.2420, 1.2501  The Euro may be readying to turn higher against the US Dollar after showing a bullish Morning Star candlestick pattern within a Falling Wedge chart formation. A daily close above support-turned-resistance at 1.2386 exposes the wedge top at 1.2420. Alternatively, a turn below the 1.2213-30 zone […]

Chart Of The Day For December 9th,2014 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2386, 1.2431, 1.2599 The Euro may be building toward a recovery against the US Dollar as prices trace out a bullish Falling Wedge chart formation. Near-term resistance is in the 1.2360-86 area, marked by the 14.6% Fibonacci expansion and the November 21 close, with a break above that […]

Chart Of The Day For December 8th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683  The Euro may be preparing to rebound against the US Dollar as prices carve out a bullish Falling Wedge chart formation. A daily close above the 1.2360-86 area marked by the 14.6% Fibonacci expansion and the November 21 close exposes the wedge top at 1.2440. Alternatively, […]

Week in FX – U.S and Canada Moving in Opposite Directions

U.S on course for jobs record Dollar goes “walkabout” ahead of holiday’s Canada takes the wrong route Loonie at a loss on jobs report Friday delivered a nonfarm payrolls (NFP) report that blew away the critics, conspiracy theorists, and jittery investors in one fell swoop. U.S. employers ramped up hiring in November, continuing a stretch […]

Dollar, Yen Torn Between US Jobs Data and Year-End Capital Flows

Talking Points: US Dollar Needs Outsized Beat on Payrolls Print to Refuel Upward Drive Yen May Rise After Overnight Drop on Year-End Flows After NFP Report German Factory Orders, Eurozone GDP Revision Unlikely to Stir the Euro A relatively muted economic calendar in European trading hours puts the spotlight on US Employment figures. The report […]

Chart Of The Day For December 5th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683 The Euro may have established an interim bottom against the US Dollar after prices completed a bullish Piercing Line candlestick pattern. Near-term trend line resistance is at 1.2455, with a break above that on a daily closing basis exposing the 14.6% Fibonacci retracement at 1.2529. Alternatively, […]

Draghi and ECB Have A Minimum Requirement

BoE non-event risk in pipeline Draghi’s headaches persist What’s the ECB’s minimum requirement? EUR expectations if disappointed The threat of global central bank action is managing to keep the various assets classes moving. Whether it’s the Central Bank of Russia (tighter monetary policy next week?), the People’s Bank of China (easing of monetary policy?), the […]

Trade Setups in EUR/USD, EUR/GBP Ahead of ECB

Talking Points: EURUSD holds lows ahead of last ECB meeting of 2014. EURGBP moves into lower half of symmetrical triangle. See the ‘high’ importance events on the DailyFX Economic Calendar. Due to incoming inflation data and persistently falling inflation expectations, policymakers have found it necessary to keep the door open for sovereign QE, despite the […]

Chart Of The Day For December 4th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2360, 1.2467, 1.2599 The Euro moved lower against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1.2213 exposes the 38.2% level at 1.1974. Alternatively, a reversal above the 14.6% Fib at 1.2360 opens the door for a […]

How Low Can The EUR Go?

Swiss the ‘only’ lovers of the EUR More rhetoric from Draghi and company Aussie negotiates a new record low CBR rumored to be trigger happy Who cares? Just as long as you are not ‘long’ any it seems — except perhaps against the CHF. The Swiss National Bank (SNB) appears to be the only entity […]

Chart Of The Day For December 3rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2479, 1.2599, 1.2770 The Euro looks to be resuming its down trend against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.2360, 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.2213. Alternatively, […]

Chart Of The Day For December 2nd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2488, 1.2599, 1.2770  The Euro may be readying a resumption of its down trend against the US Dollar after prices produced a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 1.2360 exposes the 23.6% level at 1.2213. Alternatively, a reversal above falling trend line […]

Week in FX Americas – BoC’s Poloz to Stay the Course

Central banks remain “front and centre” Loonie penalized by crude prices 25% fall in oil prices adds +0.3% to U.S GDP Demons of deflation persist Friday’s surprising +2.8% annualized Canadian gross domestic product (GDP) gain in the third quarter is unlikely to persuade Governor Stephen Poloz at the Bank of Canada (BoC) to change course […]

Top Trade Idea For December 1st, 2014 – USD/NOK

A few weeks ago, we wrote an article recommending a trade to buy USD/NOK (Norwegian Krone) soon after it had fallen from 6.93 to 6.71 (see http://www.forexnews.com/blog/2014/11/10/top-trade-idea-november-10th-2014-usdnok). At the time, USD/NOK was around 6.75 and our long trade targeted 6.96 (Friday’s close was above 7.00). We feel there’s a little more upside to USD/NOK and […]

Chart Of The Day For December 1st,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2501, 1.2599, 1.2770 The Euro may have resumed the down trend against the US Dollar following the appearance of a Bearish Engulfing candlestick pattern. Near-term resistance is at 1.2501, a falling trend line set from mid-October, with a break above that on a daily closing basis exposing the November […]

Week in FX Europe — No Thanksgiving for OPEC

OPEC punishes energy prices Russia to feel the squeeze Deflation demons awake on OPEC decision Look out for gold this weekend Energy prices continue to make records. Today, OPEC (the Organization of the Petroleum Exporting Countries) is back calling the shots, and putting the squeeze on global crude producers, commodity currencies, trade balances and Russia […]

EUR/USD Rebound Post-EZ CPI a Preview for ECB Next Week?

Talking Points: EURUSD puts in another higher low on H4. USDOLLAR Index can’t break 11,372 high. See the ‘high’ importance events on the DailyFX Economic Calendar. Inflation expectations remain an issue headed into the final ECB policy meeting of the year next week, which is why the Euro hasn’t been able to mount a full-scale […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2522, 1.2599, 1.2770 The Euro advanced to re-test the upper boundary of its 8-week down trend against the US Dollar having found a floor below the 1.24 figure. A daily close above trend line resistance at 1.2522 exposes the November 19 high at 1.2599. Alternatively, a reversal below the […]

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