EUR/USD leaps to fresh tops

9 November, 2017

Spot jumped to daily highs beyond 1.1640.
Doubts on the US tax reform keep weighing on USD.
Up move decoupled from US 10-year yields so far.

A bout of buying interest around the shared currency pushed EUR/USD to the area of fresh tops in the 1.1640/45 band.

EUR/USD focused on US tax reform

The pair quickly climbed to fresh 4-day tops in the 1.1640 area, as market participants remain sceptics about the US tax reform proposed by the White House. It is worth mentioning that Republicans should shed more light on the proposed reform later in the day.

The greenback suffered the impact and quickly sent the US Dollar Index (DXY) to fresh 4-day lows in the 94.60/55 band, despite yields of the key US 10-year reference are testing tops beyond the 2.33% level and yields of the 2-year note keep navigating the upper end of the range.

In the same direction, yields of the German 10-year Bund leapt to fresh tops in the boundaries of the 0.38% level, while the stock benchmark DAX plummeted to lows near 13,250 pts.

Ahead in the session, US initial claims are next on tap seconded by wholesale inventories, both prints unlikely to be market movers in light of expectations over the US tax reform.

EUR/USD levels to watch

At the moment, the pair is up 0.34% at 1.1636 and a breakout of 1.1692 (high Nov.3) would target 1.1706 (21-day sma) en route to 1.1736 (38.2% Fibo of the 2014-2017 drop). On the flip side, the next support emerges at 1.1555 (low Nov.7) seconded by 1.1448 (high Jun.30) and finally 1.1280 (200-day sma). On the upside, Furthermore, FXStreet’s Technical Confluences Indicator (TCI) is noting an important resistance zone in the vicinity of 1.1620, where sit a pivot point, the 5-day sma, recent highs and a Fibo retracement.

Source   Presented by HYCM
EURUSD: downwards trend continues

The euro is near the balance line. A lot of information is set to be published regarding the UK economy today. We believe that it will have a strong impact on all...

Price touches down at the balance line

On Wednesday the 4th of December, the euro was down by four points at the end of trading. In the American session, bulls pushed the price to...

EURUSD: growth to 45th degree expected

On Friday the 29th of November, the euro was up at the end of trading. It was a short day in the USA, and therefore the volume of trading operations...

EURUSD: bears met with resistance

According to the wave structure, the decline did not come to an end. The fall stopped at the 67th degree, with the trend line from the minimum at 1.0879...

EURUSD trying to find a balance point

On Monday the 4th of November, trading on the euro closed down. The gains made by bulls on long positions on Friday above 1.130 were erased on...

EURUSD: bears poised to attack

On Monday the 28th of October, trading on the euro closed up. This was probably a technical correction following Friday's drop. This correction...

EURUSD: bears trying to take control

On Tuesday the 22nd of October, trading on the euro closed down. Trading on the US dollar was mixed during the European session, which was brought...

EURUSD: bulls ready for new highs

We're expecting fresh highs today followed by a rebound to the LB. The pair is currently trading around the trend line, so it will be interesting to see...

EURUSD: 1.0893 on the horizon

On Wednesday the 25th of September, trading on the euro closed down. The single currency dropped to 1.0938 against the greenback...