We have broken the previous May 2017 low of 1.0925 and made a new low of 1.0904 that has not been confirmed. The news from EURO Zone was worse even though US data was good but mixed
Expect the EURUSD to confirm 1.0904 on Monday 30/09/2019 by touching it or breaking it, If not then we expect Bulls to push EURUSD past 1.0980 for a more Bullish sentiment.
From 1.0925 until 1.0864 there is no Major support , so will the EURUSD get to 1.0864 support since the EUROZONE data keeps getting worse and worse . Weakness in the EUROZONE economies are everywhere.
Look for 1.0864 Support Level to hold and then we can MAYBE start a rally or consolidation (Range or sideways) before a rally .
The rally today on Friday 27/09/2019 was a probably relief rally for the Oversold RSI on the 4-Hour Charts since there was no follow through beyond 1.0960 . EURUSD dropped back to 1.0940
Probable Path ==> Break 1.0904 then face 1.0864 for the ultimate challenge " Battle Royale between Euro Bears and Bulls, who will draw the line ? "
Expect the EURUSD to confirm 1.0904 on Monday 30/09/2019 by touching it or breaking it, If not then we expect Bulls to push EURUSD past 1.0980 for a more Bullish sentiment.
From 1.0925 until 1.0864 there is no Major support , so will the EURUSD get to 1.0864 support since the EUROZONE data keeps getting worse and worse . Weakness in the EUROZONE economies are everywhere.
Look for 1.0864 Support Level to hold and then we can MAYBE start a rally or consolidation (Range or sideways) before a rally .
The rally today on Friday 27/09/2019 was a probably relief rally for the Oversold RSI on the 4-Hour Charts since there was no follow through beyond 1.0960 . EURUSD dropped back to 1.0940
Probable Path ==> Break 1.0904 then face 1.0864 for the ultimate challenge " Battle Royale between Euro Bears and Bulls, who will draw the line ? "
Comment:
US Dollar Index relevant levels:
At the moment, the pair is gaining 0.27% at 99.40 and a breakout of 99.46 (yearly high Sep.30) would aim for 99.89 (monthly high May 11 2017) and then 100.00 (psychological handle). On the downside, immediate contention emerges at 97.86 (monthly low Sep.13) followed by 97.69 (100-day SMA) and finally 97.17 (low Aug.23).
At the moment, the pair is gaining 0.27% at 99.40 and a breakout of 99.46 (yearly high Sep.30) would aim for 99.89 (monthly high May 11 2017) and then 100.00 (psychological handle). On the downside, immediate contention emerges at 97.86 (monthly low Sep.13) followed by 97.69 (100-day SMA) and finally 97.17 (low Aug.23).
Comment:
This means that if DXY breaks 99.46 and stays above that then we might see DXY go to 100.30 Level ( Ultimate Level ) and at the same time EURUSD will drop below 1.0864
Comment:
EURUSD broke 1.0904 and reached 1.08847 . Now we need to confirm that its the bottom and that Bearish sentiment is coming to an end . Only after that do we enter a long. But considering everything right now EURUSD has no strength or conviction to rally
Comment:
EUR/USD fell to 1.0884, its lowest since May 2017 as the dollar retained its strength while disappointing German data weighed on the EUR
Comment:
if DXY breaks 99.60 and heads to Major resistance at 99.90 then EURUSD will break 1.0864 then head to 1.0840 . If not expect sideways trading before any attempted rally
Comment:
DXY approaching 99.60 ( race to the top ) and EURUSD approaching 1.0880 ( race to the bottom ) . Who wins ?
Comment:
The Blind EURUSD leading the Blind geopolitical DXY .What a trading world ? EURUSD has been very weak due to worsening Eurozone data but as for US ISM Manufacturing Data , we know that it has been getting worse but the ISM services is OK . 80% of US economy is driven by services not manufacturing .
For now , the spike is just a relief rally , currently at 1.0933 . Expect the EURUSD to test 1.0864 before we can see any sustained rally that can shake the your boots off your feet
For now , the spike is just a relief rally , currently at 1.0933 . Expect the EURUSD to test 1.0864 before we can see any sustained rally that can shake the your boots off your feet
Comment:
European Central Bank (ECB) Governing Council member Ignazio Visco crossed the wires in the last minutes saying that the economic situation has worsened in the eurozone and that they cannot risk losing the control of inflation expectations, per Reuters.
"Deflationary risks are not acceptable in the situation of high private and public debt," Visco added.
The shared currency ignored these comments. As of writing, the EUR/USD pair was virtually unchanged on the day at 1.0960 and the EUR/GBP pair was up 0.13% at 0.8920.
"Deflationary risks are not acceptable in the situation of high private and public debt," Visco added.
The shared currency ignored these comments. As of writing, the EUR/USD pair was virtually unchanged on the day at 1.0960 and the EUR/GBP pair was up 0.13% at 0.8920.
Comment:
EURUSD attempting the 1.10000 Level but currently at 1.0970 . IMO , this is a Bullish trap and relief rally , the EUROZONE is worsening and yet EURUSD is rallying ?
The reason for this rally was the weak ISM manufacturing values from US, which increased the fear that recession is coming in US and the Bulls took complete advantage .
But can we sustain it to 1.1000 and beyond. i am not sure of that
The reason for this rally was the weak ISM manufacturing values from US, which increased the fear that recession is coming in US and the Bulls took complete advantage .
But can we sustain it to 1.1000 and beyond. i am not sure of that
Comment:
we have seen EURUSD test 1.1000 Level and back-off . Chances are we might attempt to test it again but anything beyond that is still in doubt.
The 3 days rally is purely driven by weak US ISM Manufacturing and Non-Manufacturing Data not EURUSD strength due EURZONE Economies .
That's why BIG BOYS are not yet convinced that its time to switch the sentiments. Lets monitor in the meanwhile .
If you enter a short (Sell) at this level towards 1.0864 then have very tight stops otherwise evaluate the price action patterns
The 3 days rally is purely driven by weak US ISM Manufacturing and Non-Manufacturing Data not EURUSD strength due EURZONE Economies .
That's why BIG BOYS are not yet convinced that its time to switch the sentiments. Lets monitor in the meanwhile .
If you enter a short (Sell) at this level towards 1.0864 then have very tight stops otherwise evaluate the price action patterns
Comment:
Expect the EURUSD to confirm 1.08845 Level by touching it or breaking it or bouncing off and going sideways before any rally , If not then we expect Bulls to push EURUSD past 1.1030 for a more Bullish sentiment.
Eurozone economies are worsening much faster than initially thought. US Economy is weakening but OK and still growing due a strong service sector
Eurozone economies are worsening much faster than initially thought. US Economy is weakening but OK and still growing due a strong service sector
Comment:
Sell EURUSD at this level around 1.1025 to 1.0980 with target of 1.0867 . It has been rejected 4 times at 1.1000 level and EURO zone data isn't getting any better . so IMO , sell EURUSD
Comment:
Only speculators & Retail traders crowding the markets at European Open . Majority of the BIG BOYS club are looking at 1.0864 as initial target for EURUSD in the next 3 months and for it to continue trending down until march or end of Q1 2020 before any substantial rally can be seen
Comment:
Something will have to give on EURUSD, EURUSD can't price in the worst data and keep grinding higher. The fundamentals and the BIG BOYS don't support it . So what is causing the EURUSD to somehow be range bound or grind higher.
The reason is USD problems or perceived weakness in the last 2 weeks not EURUSD strength.
The reason is USD problems or perceived weakness in the last 2 weeks not EURUSD strength.
We are only about 80 pips away from that level of 1.0864 ( April & May 2017 Lows )