Bulls trying to recover yesterday's losses

27 August, 2019

On Monday the 26th of August, trading on the euro closed down. The single currency underwent a correction following Friday’s rally, when it rose in response to China’s decision to increase tariffs on US goods. On Monday, the bulls hit a high of 1.1164 after Trump’s decision to increase tariffs on Chinese goods. While the two sides traded blows, China’s Vice Premier Liu He said that China is willing to continue negotiations to resolve the trade dispute.

The safe haven assets went into decline. The US dollar index has corrected following a drop. Markets expect the US and China to keep trying to reach a trade deal. The EURUSD pair slumped to 1.1094.

The pair has dropped below the balance line. This is a bad sign for the bulls. Considering that the stochastic oscillator is looking down, it’s expected that the pair will rebound from the 67th degree at 1.1085. Trump keeps adding uncertainty on the financial markets, so prepare yourselves for tweets directed at China and Iran. Since the pair is currently in the middle of Friday’s range, it seems more likely that the euro is heading upwards against the dollar. A breakout to the upside of the downwards channel will open the road towards 1.1150.


Source link   Presented by Alpari

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...

EURUSD: consolidating on the balance line

On Tuesday the 24th of September, trading on the euro closed up. The pound came out on top yesterday, making gains in the wake of the...


Draghi delivers "whatever it takes"

After pledging to do whatever it takes to preserve the Euro back in 2012, Mario Draghi in his final meeting as ECB President has unleashed a wave of new...

Recovery to the LB on the cards

Last week, all the majors lost ground against the US dollar. The biggest loser was the Swiss franc (-1.51%), followed by the euro (-1.35%), the Kiwi...

Safe haven assets open up

Last week, trading was mixed on the majors against the US dollar. Losing out were the Kiwi dollar (-0.48%), the Aussie dollar (-0.38%), and the Canadian dollar...

  


Share it on:   or