Friday NFP report should support a rate hike in March; even though the NFP missed expectations unemployment is now below 4.9% and the average hourly earnings have risen more than expected. However, for the moment, the market is not pricing in any rate hike and this could lead to a higher EUR in the short term.
Technically, the EURUSD over the last 3 months is in an uptrend since creating a series of lower bottoms and higher tops from the December 1.0520 lows. I spot a bullish symmetrical triangle (continuation pattern) December 29th High (1.0990) – February 1st low (1.0814), and current price is above its long term Moving Average.
My conclusion for the EURUSD pair supports long positions above 1.1060 for targets within the 1.1300 – 1.1360 area.
January 23, 2017 Japanese Yen is taking the heat
Looking at the daily chart of the Japanese Yen, we can see that the bullish engulfing has formed next to the 50% Fibonacci level, which has been broken on the weekly chart at the points of 125.853 and 98.935...
January 23, 2017 Main Macro Events This Week
President Trump has his feet under the desk in the Oval office and the tone of his inaugural speech and actions over the weekend reiterated his campaign themes to Make America Great Again...
January 23, 2017 UK stocks start the week on the back foot
The FTSE100 is under some selling pressure this morning and trading lower by around 40 points. The leading UK stock index posted its first weekly loss in over a month on Friday and has continued lower out the gate today. The pound is broadly higher on the day and has moved back above the 1.24 handle against the US dollar...
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