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US Dollar May Rise as Status-Quo FOMC Clashes with Dovish Market Bets

Talking Points: FX Markets to Look Past European News-Flow, Focus on FOMC Outcome US Dollar to Rise if Static Fed Statement Clashes with Dovish Market Views See Economic Releases Directly on Your Charts with the DailyFX News App A quiet economic calendar in European trading hours is likely to see traders looking ahead to what […]

Chart Of The Day For October 29th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2805, 1.2852, 1.3070 The Euro drifted higher against the US Dollar in a move that appears corrective in the context of last week’s Flag breakout marking bearish trend resumption. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion […]

Options Strangle EUR Ahead of FOMC

With central banks continuing to pull the strings it’s not too much of a surprise to see limited forex movement ahead of and around most monetary policy announcements. The Federal Open Market Committee (FOMC) begins its two-day meeting today and most expect the committee to make the final taper, ending bond purchases ($15B) and beginning […]

Major Event Risk Ahead for US Dollar – Levels to Watch

Talking Points: Major event risk ahead for US Dollar – two high risk events today. USDCAD susceptible, AUDUSD requires patience. October Forex Seasonality Foretells End of Seasonal USD Weakness The US Dollar has been able to retrace about half of its losses from its October highs, but it’s not out of the woods just yet. […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2787, 1.2852, 1.3070 The Euro corrected higher after seemingly resuming its down trend against the US Dollar last week. 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 38.2% level at […]

US Dollar Looks to Durables, Consumer Confidence to Set Tone for FOMC

Talking Points: Quiet European Data Calendar to Put Spotlight on US Economic News-Flow US Dollar May Rise as Durables, Confidence Figures Tame Dovish Fed Bets See Economic Releases Directly on Your Charts with the DailyFX News App A quiet economic calendar in European trading hours is likely to see traders looking ahead to the US […]

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

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2764, 1.2852, 1.3070 The Euro appears to be resuming the dominant down trend against the US Dollar after rebounding from the 1.25 figure, as expected. 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% […]

Chart Of The Day For October 24th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2749, 1.2852, 1.3070 The Euro looks to be resuming the down trend against the US Dollar after correcting upward from the 1.25 figure. Near-term support is in the 1.2500-34 area, marked by the October 3 low and the 23.6% Fibonacci expansion, with a break below that on […]

EUR/USD Pivots at Last Week’s Low – Surprise PMIs End EZ Data Drought

Talking Points: EURUSD finds support near lows from last week. EURGBP might be setting a series of higher lows. Euro Faces Economic Headwinds with Weakening German, Euro-Zone PMIs The Euro has been dogged by weak economic data over the past several months, with the Citi Economic Surprise Index having closed last week at -54.1, barely […]

Chart Of The Day For October 23rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Pending Short at 1.2710 Support: 1.2500, 1.2316, 1.2140 Resistance:1.2731, 1.2852, 1.3070  The Euro appears to be resuming the dominant down trend against the US Dollar after rebounding from the 1.25 figure, as expected. 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% […]

Top Trade Idea For October 22nd, 2014 – EUR/GBP

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 […]

Chart Of The Day For October 22nd,2014 – EUR/USD

By Ilya Spivak 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, […]

Top Trade Idea For October 21st, 2014 – EUR/USD

Good day to everyone! For today’s strategy we will take a look at the EURUSD pair because of very clear direction and the wave structure. As you know the USD is in updated for the past few months now and we do not see any changes so far, so we believe that the best plan […]

Chart Of The Day For October 21th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2852 exposes the 38.2% level at 1.3070. Alternatively, a turn back below the October 13 close at 1.2750 opens the door for a test […]

Chinese Renminbi, Global Markets Await Chinese GDP

Talking Points: Dollar Traders Keep Ear to Ground for Volatility Until Fed Meet Chinese Renminbi, Global Markets Await Chinese GDP Euro Sees Uneven Advance on News of QE Program Activity Dollar Traders Keep Ear to Ground for Volatility Until Fed Meet Though the US Dollar has opened the trading week lower, the market’s motivations are […]

Chart Of The Day For October 20th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro moved higher against the US Dollar as expected after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2852, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.3070. Alternatively, a reversal below the […]

The US Dollar’s Moment of Vulnerability

Talking Points: JPY outperforms all as Euro-Zone periphery fears arise. EURJPY, GBPJPY, USDJPY all lose major support. Euro Rebounds Prove Shallow as Euro-Zone Sits on Cusp of Recession October, a seasonally bullish month in the QE era of monetary policy, has been anything but for the US Dollar. This past week was potentially disastrous. The […]

Top Trade Idea For October 17th, 2014 – EUR/NOK

Lower oil prices are bad news for Norway but good news for the Eurozone. This makes EURNOK sensitive to oil prices which have every chance of remaining volatile for a while yet. With that in mind this triangle formation might be useful for traders. A run up to and rejection of the triangle resistance could […]

Chart Of The Day For October 17th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro recovered against US Dollar as expected after putting in a bullish Piercing Line candlestick pattern. A daily close above the 23.6% Fibonacci retracementat 1.2852 exposes the 38.2% level at 1.3070. Alternatively, a turn back below the October 13 close at 1.2750 opens the door for a test […]

Chart Of The Day For October 16th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.2750, 1.2619, 1.2500 Resistance:1.2852, 1.3070, 1.3246 The Euro moved higher as expected against the US Dollar after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2852, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.3070. Alternatively, a reversal below the […]

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