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Today at 10:00am UK time. ZEW Economic Sentiment Indicator asks survey participants about their expectations concerning the economy, inflation rates, interest rates, stock markets, and oil prices for the next six months. F:-14.2, P:-13.4 #EURUSD may test support at 1.13.
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In the last week or so the EURUSD has rallied well and return back above the current key level of 1.13 after dropping sharply to an 18 month low around 1.1175. It performed a similar rally several weeks ago moving back above the key level of 1.13 after having dropped to a then three month low below 1.1250, which moved it to a three week high above 1.14. In early February the EURUSD was sold off after running into resistance at the other key level of 1.15, as it maintains it trading range between 1.13 and 1.15.
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On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level is now offering some resistance in its attempt to rally higher.
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EURUSD - Remains Above Support at 1.13 ahead of ECB Meeting
on March 6, 2019
| By Stuart McPhee
|
EURUSD
In the last week the EURUSD has slowly but steadily declined from a three week high above 1.14 and returned back to the current key level of 1.13. In the previous few weeks the EURUSD was able to rally back above the key level of 1.13 after having dropped to a three month low below 1.1250. Several weeks ago the EURUSD was sold off after running into resistance at the other key level of 1.15, as it maintains it trading range between 1.13 and 1.15.
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Several significant issues have continued into the New Year including Brexit which is quickly approaching the key date in March, as well as the lingering trade talks between the United States and China which are having a flow on effect into many markets around the world. To add to the concerns, the International Monetary Fund (IMF) has recently warned governments to prepare for a possible economic storm as growth undershoots expectations.
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On Tuesday last week we covered the USDCAD which continued throughout the week to drift lower and move back down below the key 1.32 level. In the last few weeks the USDCAD has traded within a narrow range being ably supported by the current key level of 1.32, so the break lower at the end of last week may be significant. Despite an excursion below this level a few weeks ago for a week, the USDCAD has spent the best part of the last six weeks doing not much else than trading above 1.32.
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In the last week or so the EURUSD has been able to rally back above the key level of 1.13 after having dropped to a three month. Only a few weeks the EURUSD was sold off after running into resistance at the other key level of 1.15, as it maintains it trading range between 1.13 and 1.15. A few weeks ago EURUSD enjoyed rock solid support from the key 1.13 level and subsequently surged higher back towards 1.15.
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On Tuesday last week we covered the AUDUSD which continued throughout the week to move strongly lower after running into resistance at the 0.73 level. Leading up the 0.73 level, the AUDUSD rallied well to move past the key 0.7150 level and reach a two month high around 0.73 before it was sold off.
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EURUSD - Looking for Support From 1.13 as ECB Hamstrung by Draghi Departure
on February 7, 2019
| By Stuart McPhee
|
EURUSD
In the last week or so the EURUSD has met resistance at 1.15 and been sold off again as it maintains it trading range between 1.13 and 1.15. Only a couple of weeks ago the EURUSD enjoyed rock solid support from the key 1.13 level and subsequently surged higher back towards 1.15. Several weeks ago it did hit a three month high near 1.1570 before being sold off. For the last few months now the EURUSD has been content to trade within a narrow range enjoying support from 1.13 and meeting resistance at the 1.15 level.
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On Tuesday last week we covered the EURUSD which continued throughout the week to struggle with resistance from the current key level of 1.15. For the last couple of months now the EURUSD has been content to trade within a narrow range enjoying support from 1.13 and meeting resistance at the 1.15 level. It is interesting to note that its recent excursion a few weeks above 1.15 didn’t last long as it was quickly sold down at those three month highs.
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