EURUSD comes under further pressure and navigate the 1.1480 area
EURUSD Technical Overview:
Pivot: 1.1530 (CMP 1.1584)
Day Trading Range: 1.1535 - 1.1420
Key Resistance: 1.1498 - 1.1520 - 1.1535 - 1.1555
Key Support: 1.1465 - 1.1440 - 1.1408 - 1.1388
Technical Indicator:
RSI: The indicator having hidden bullish divergence but still moving below 50 level.
Moving Average: SMA 50 (1.1530) & SMA 100 (1.1562) strong resistance for EURUSD today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1518 with targets at 1.1460 & 1.1410 in extension.
Alternative scenario: above 1.1518 look for further upside with 1.1565 & 1.1595 as targets.
Fundamental:
This helped the dollar to gain some strength over the last few months and just when we were thinking that the bulls were getting tired and that we could see a reversal in the fortunes of the dollar, we are seeing another boost being given to the dollar by the Fed Chief Powell. His speech was scheduled late in the day yesterday and though not much was expected from it and the impact from that was expected to be minimal, it was anything but that. He said that the interest rates were still accommodating and made it very clear that further interest rate hikes could be along the way in the coming months.
What we are looking at now is some serious strength in the dollar with some strong support from the Fed, which was quite unexpected as far as the market is concerned. The Fed under the new Chief Powell seems to be doing a good job of speaking its mind and giving some clear messages to the market and it had followed the path that it had laid out for itself at the beginning of the year.
Looking ahead, there are no scheduled events in Euroland, whereas September’s Factory Orders, the usual weekly report on the labour market and Challenger Job Cuts are all due across the pond.
Thanks
YoCryptoManic
Pivot: 1.1530 (CMP 1.1584)
Day Trading Range: 1.1535 - 1.1420
Key Resistance: 1.1498 - 1.1520 - 1.1535 - 1.1555
Key Support: 1.1465 - 1.1440 - 1.1408 - 1.1388
Technical Indicator:
RSI: The indicator having hidden bullish divergence but still moving below 50 level.
Moving Average: SMA 50 (1.1530) & SMA 100 (1.1562) strong resistance for EURUSD today.
Technical Trade Idea:
Most Likely Scenario: short positions below 1.1518 with targets at 1.1460 & 1.1410 in extension.
Alternative scenario: above 1.1518 look for further upside with 1.1565 & 1.1595 as targets.
Fundamental:
This helped the dollar to gain some strength over the last few months and just when we were thinking that the bulls were getting tired and that we could see a reversal in the fortunes of the dollar, we are seeing another boost being given to the dollar by the Fed Chief Powell. His speech was scheduled late in the day yesterday and though not much was expected from it and the impact from that was expected to be minimal, it was anything but that. He said that the interest rates were still accommodating and made it very clear that further interest rate hikes could be along the way in the coming months.
What we are looking at now is some serious strength in the dollar with some strong support from the Fed, which was quite unexpected as far as the market is concerned. The Fed under the new Chief Powell seems to be doing a good job of speaking its mind and giving some clear messages to the market and it had followed the path that it had laid out for itself at the beginning of the year.
Looking ahead, there are no scheduled events in Euroland, whereas September’s Factory Orders, the usual weekly report on the labour market and Challenger Job Cuts are all due across the pond.
Thanks
YoCryptoManic