EURUSD: bulls ready to test 1.13

12 April, 2019

On Thursday the 11th of April, trading on the EURUSD pair closed down, with the single currency dropping to 1.1250. To me, this seemed to be a downwards correction within a wider upwards movement. The dollar’s rise was brought about by strong US data and rising US10Y bond yields.

PPI data and initial jobless claims figures in the US decreased the likelihood of an interest rate reduction by the Fed at the end of the year.

The 1.1249 – 1.1255 support held up. From here, we got a sharp upwards impulse to reach 1.1295. As I see it, from a technical standpoint, this was expected, but at the same time, it’s my understanding that this was brought about by fundamental rather than technical factors.

The Federal Reserve is unlikely to consider appointing Herman Cain to the Board of Governors. Donald Trump, who is said to be unhappy with the Fed, is reportedly planning to put him forward as a potential candidate in an attempt to align the Fed more closely with his own views.

Yesterday I wrote that if the pair returns to 1.1280, I expected the euro’s rally to continue to 1.1310. Today the euro is one of the biggest growers against the US dollar. All the euro crosses are trading up. The technicals look good for a further rise on the EURUSD pair. If we get a breakout of the channel, the road to 1.1362 will be open.


Source link   Presented by Alpari

Bears have broken the trend line

On Tuesday the 14th of May, trading on the euro closed down. The EURUSD pair dropped from 1.1243 to 1.1201. The 45th degree provided some...

EUR/USD looks to German CPI

The pair climbs to fresh weekly highs beyond 1.1200. EMU advanced Q1 GDP surprised to the upside. German flash inflation figures next of relevance...

USD bid hgher as new home sales rises

The USD traded higher on Tuesday, rising to a six-week high. The new home sales report showed a 4.5% increase on a month over month basis, beating...


EURUSD expect a test of 1.1230

With a thin market, the bulls managed to push through to 1.1262. A correction occurred within a relatively narrow price range. At the time of writing, the...

EURUSD: the Easter holidays continue

Most of the majors closed last week down against USD. The Swiss franc fell by 1.15%, the Kiwi dollar by 1.12%, the pound by 0.55%, the euro by 0.49%...

EURUSD: bulls have returned to 1.13

On Tuesday the 16th of April, trading on the euro closed down. The EURUSD pair was knocked off its perch of 1.1314 by Reuters, which reported...


EURUSD: sideways motion expected

On Wednesday the 10th of April, trading on the euro closed up. Volatility was high on all currency pairs with the euro, especially during ECB President...

EURUSD stabilised at 1.12 ahead of ECB

On Tuesday the 9th of April, trading on the euro closed slightly down. On the back of Brexit rumours and the rising crosses, the EURUSD pair jumped...

EUR/USD pushes higher to daily highs

The pair's upside clinched the 1.1250/55 band on Monday. The selling bias around the buck supports the up move. The Sentix index improved...

  


Share it on:   or