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Chart Of The Day For November 7th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2286, 1.2145, 1.1969 Resistance:1.2428, 1.2603, 1.2689 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 50% Fibonacci expansion at 1.2286 exposes the 61.8% level at 1.2145. Alternatively, a turn above the […]

With No ECB Surprise Expected, Where Is the EUR to Go?

Finally, the market is atop of the two major market event risks this week: this morning’s European Central Bank (ECB) press conference with President Mario Draghi (at 13:30 GMT), and tomorrow’s U.S. nonfarm payrolls (NFP) details. Investors are expected to get the biggest bang for their buck from tomorrow’s U.S. jobs report rather than today’s […]

Euro May Fall on Draghi Rhetoric, Pound to Look Past BOE Outcome

Talking Points: BOE Policy Announcement Likely to be a Non-Event for the British Pound Euro May Fall if ECB President Draghi Hints at Readiness to Launch QE See Economic Releases Directly on Your Charts with the DailyFX News App Monetary policy announcements from the Bank of England and the European Central Bank headline the economic […]

Chart Of The Day For November 6th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2428, 1.2286, 1.2145 Resistance:1.2603, 1.2703, 1.2886 The Euro is consolidating losses against the US Dollar after prices plunged below the 1.2500 figure. Near-term support is at 1.2428, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposing the 50% level at 1.2286. Alternatively, a reversal above the […]

Top Trade Idea For November 6th, 2014 – EURUSD

Into this ECB day I would like to place pending buy limit orders to go long on any move below 1.2440 area, having a stop loss at 1.2300 and a take profit at 1.2880 After last week’s analysis on the eurusd brought us some nice profits as the target of 1.2337 was reached, I would […]

EUR Suffocated by Option Strikes Ahead of ECB

Most EUR traders are trying to keep their powder dry ahead of the ECB meet Thursday and Friday’s NFP release. The EUR/USD is finding it rather difficult to pull too far away from the psychological €1.2500 level despite the USD being better bid across the board. It’s rumored that there are large €1.2500 option strikes […]

AUD/USD Breaks 5 Week Range, is EUR/USD Next?

Talking Points: AUDUSD loses 5-week support near $0.8641. EURUSD faces October lows ahead of ECB tomorrow. Monetary Policy on Trial with RBA, ECB, and NFPs this Week Even as futures speculators sit on the largest notional US Dollar long position in history, there is clearly appetite for more greenbacks in the near-term as the world […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2428, 1.2286, 1.2145 Resistance:1.2603, 1.2713, 1.2886 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 38.2% Fibonacci expansion at 1.2428 exposes the 50% level at 1.2286. Alternatively, a turn above the […]

Falling Oil Prices to Punish the Loonie

Forex traders live for volatility. Significant asset price moves provide for more market opportunities. Currency traders do not care what direction prices move, so long as they move. This is a significant week when it comes to scheduled economic events with three major central banks making statements and the release of monthly U.S. jobs data. […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2316, 1.2140, 1.1963 Resistance:1.2534, 1.2723, 1.2886 The Euro sank to the lowest level in over two years against the US Dollar, with sellers claiming a foothold below the 1.25 figure. A daily close below the 38.2% Fibonacci expansion at 1.2316 exposes the 50% level at 1.2140. Alternatively, a turn above the […]

Central Banks and Jobs to Squeeze Currency Positions

It’s another busy week ahead for central banks with the Reserve Bank of Australia (RBA), the Bank of England (BoE), and the European Central Bank (ECB) holding their regular policy-setting meetings. Governor Glenn Stevens at the RBA will get to put the market through its paces come Monday evening. The governor has a tendency to […]

Top Trade Idea For November 3rd, 2014 – EUR/USD

Since the early May 2014 high at 1.3993, the EUR/USD daily chart has been clearly in a downtrend. By early October, it reached 1.25 and arguably, a move lower towards 1.20 may only be months away. For now though, we feel that the move lower over the past few weeks is overdone and that EUR/USD […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2737, 1.2886, 1.3000 The Euro continues to press downward against the US Dollar, with prices probing the lowest levels in over two years. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a daily close below that exposing […]

Chart Of The Day For October 31th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2746, 1.2852, 1.3070 The Euro appears to be returning to the down trend against the US Dollar after completing a Flag continuation pattern last week. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion exposes the 38.2% level […]

Fed Stops Printing Press-Market Caught Napping

The Federal Reserve ended its bond-buying program as expected, but it caught the market off-guard with a definite hawkish tint in its statement yesterday. Technically, the Federal Open Market Committee (FOMC) has finally closed the door on quantitative easing, or QE, with the $15B taper; however, never say never as bookies are already making odds […]

Ranges Persist in USD-Pairs Post-FOMC Meeting

Talking Points: AUDUSD can’t quite break through $0.8900. EURUSD, GBPUSD stuck in month-long ranges. Target on US Dollar’s Back this Week with FOMC, GDP Due The FOMC threw the US Dollar a bone yesterday by leaving its name absent from its policy statement. Weeks earlier, policymakers queued the US Dollar up for disappointment, when it […]

Chart Of The Day For October 30th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2759, 1.2852, 1.3070 The Euro looks to be resuming its down trend resumption following the completion of a Flag chart formation. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a daily close below that exposing the […]

Top Trade Idea For October 30, 2014 – EURUSD

FOMC statement the other day brought nothing but a new wave of US dollars buyers and the eurusd is the pair that suffered the most given the bullishness of the Fed and the bearishness of the ECB. As a consequence, the eurusd pair broke out of an ugly triangle on the hourly chart, a triangle […]

FOMC to Play It Safe

Investors are content to sit on the sidelines, waiting for the Federal Reserve to wrap up its two-day Federal Open Market Committee (FOMC) meet. The dollar is mostly unchanged against the major pairs in a narrow overnight trading range. For many, there is no incentive to trade aggressively ahead of FOMC rate decision later this […]

Move lower in EURAUD could cause major losses

The EURAUD pair has been moving lower over the past two weeks. However, with a potential head and shoulders formation in play, just the completion of the second shoulder could be enough for a 500 pip move in the pair. The weekly chart below shows that the pair appears to be within the second shoulder […]

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