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EUR/USD Nears 1.0500 Amid ECB Focus"In Asian trading on Thursday, EUR/USD remains defensive, hovering around 1.0560, the lowest in a week, as traders await the European Central Bank (ECB) interest rate decision. The currency pair continues its decline for the second consecutive day, extending its retreat from monthly highs. Support was found around the 20-day Simple Moving Average (SMA) at 1.0560. Daily chart technical indicators paint a mixed picture, with momentum hovering around the midpoint but trending downwards, and the Relative Strength Index (RSI) showing a positive slope but also turning south. The pair is currently testing support around 1.0560. On the 4-hour chart, technical indicators indicate a bearish trend. The primary support is the upward trendline around 1.0550. As long as the price stays above that level, the Euro's recovery potential remains intact. However, breaking below could incur additional losses, initially targeting 1.0530 and then 1.0500. To shift the technical outlook to bullish, the Euro needs to rise above 1.0610.
by Gwen_Humuna
EURUSD: ECB under pressure to reduce €1.7 trillion bond portfoli The European Central Bank is increasingly having to reconsider when to start winding down the 1.7 trillion euro ($1.8 trillion) bond portfolio it bought during the pandemic. The ECB will begin discussions on ending the PEPP rollover before cuts end in 2024 at a meeting in Athens this week. This is fully consistent with the rate tightening efforts of 10 successive interest rate hikes to bring inflation back to 2%.
Long
by Chart_MasterPro
EURUSD short term Longs to 1.06650 SCENARIO 1- My current bias for EURUSD is that it will currently react off the (9hr) demand zone, which we will expect for price to accumulate in order for us to enter buys up to 1.06650. From were the (6hr) supply zone is located, we will then expect price to slow down and distribute for potential sells all the way back down to 13hr demand zone. Or possibly even lower as there's loads of liquidity lying around those POI's that I have marked out. My confluences for the buys are as follows: - Price tapped in a 9hr demand zone that caused a BOS to the upside. - Market is currently retracing due to the impulsive move up that happened during the past couple days. - Imbalances are left from when price pushed down today that it needs to comeback and fill. - There's lots of magnets that attract price in the bullish directions i.e untouched Asia highs and trend line liquidity. - Price is creating higher highs and higher lows and has shown this via a change of character on the 4hr as well as a break of structure on the 4hr to confirm the shift in trend. - In addition for price to continue going down in a bearish trend overall I would be expecting for price to mitigate the 6hr supply zone above in order to continue going down. P.S. For now I would be expecting wyckoff accumulation to play out in the lower timeframes to give us a indication of were we can find a sniper entry in order to maximise our risk to reward ratio.
Long
by Hassan_fx
1
EUR/USD Holds Recovery Below 1.0700 Ahead of Eurozone and US PMIEUR/USD continues its recovery but remains below the 1.0700 level early on Tuesday. The pair benefits from the decline in US Treasury yields and the weakness of the US dollar. Positive changes in risk sentiment support the new upward trend. Keep an eye on EU/US PMI data. The EUR/USD exchange rate accelerated its gains on Monday, surpassing the 1.0640 level. It continues to move further away from the 20-day Simple Moving Average (SMA), trending upwards. The daily chart indicates further potential for an increase, with significant resistance at the 55-day SMA around 1.0710. On the 4-hour chart, the pair has broken a significant downtrend line, significantly improving the outlook for the Euro and indicating further potential for price increase. Although the price is still above 1.0595, there is a possibility of more significant gains. Below that level, support appears around 1.0550, represented by the upward trend line from the October lows. Conversely, above 1.0670, the next targets are 1.0695, followed by 1.0710 and 1.0760. Short-term technical indicators suggest further upward movement; however, the Relative Strength Index (RSI) is currently above 70, indicating potential consolidation before another price increase. The EUR/USD exchange rate surged on Monday due to the weaker US dollar. The pair broke the downtrend line and rose to 1.0676, the highest level in a month. The outlook for the Euro remains favorable in the Asian trading session, although some consolidation might occur after a 100-pip increase. The sharp decline of the US dollar pushed the EUR/USD pair on Monday. The 10-year US Treasury bond yield initially rose above 5.00% but quickly reversed, dropping sharply to 4.84%. This sharp decline pushed the US dollar index down to 105.51, the lowest level of the day since September 22. Stocks on Wall Street showed mixed reactions as the drop in yields somewhat improved market sentiment. Volatility continues to dominate the bond market ahead of significant issuances. On Tuesday, Eurozone and US PMI data are expected to be released. There is a slight improvement in Eurozone consensus and a slight decrease in the US. The European Central Bank (ECB) will hold a monetary policy meeting on Thursday, along with important US economic indicators such as GDP and the Federal Reserve's preferred inflation measure.
by Gwen_Humuna
EUR/USD: A New Uptrend and Potential Growth Targets👋Good day, traders! 📈EUR/USD, having completed a three-month downward trend due to the fall of the USD and breaking through the important resistance level of 1.06350, has created conditions for growth and the formation of a new upward trend towards the target levels of 1.07550, 1.08600, 1.10000, and 1.10800. However, the trade is considered risky until the body of the daily candle breaks through the expanding triangle or the level of 1.07000. I recommend considering purchases from the aggressive level of 1.06700 and the conservative level of 1.07400-1.07500, expecting a potential profit in the range of 0.75% to 3.8%, SL ~1.05500. ✅Give a 👍 if you want more interesting and profitable trading ideas❗️ ❓I will be glad to see your comments. What do you think about this? DISCLAIMER: This idea is not a trading recommendation and is for informational and educational purposes only. Traders analyze and make decisions on the use of this information independently.
Long
by Maxim_Lushnikov
EURUSD 4H : Support further rise EURUSD New forecast The EUR/USD pair crossed the resistance of the descending channel and settled above it, providing signs of an attempt to start an upward correction in the intraday term, but we notice that the price is returning to providing negative trades, heading towards testing the breached resistance, which is now turning into support at 1.0550. The conflict between technical factors makes us prefer to remain neutral until the price confirms crossing one of the trend keys represented by the support at 1.0550 and the resistance at 1.0631, while breaching the resistance at 1.0631 represents the key to starting the upward correction, whose first target is at 1.0660 and 1.0690. Noting that breaking this support will put pressure on the price to resume the main bearish trend, whose next main target reaches 1.0496. The expect range trading for today it will be between the resistance line 1.0631 and support line 1.0550. Additionally ,Today News will affect the market . resistance line : 1.0612 , 1.0631 support line : 1.0562 , 1.0550 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Long
by Arazmajeed
2
Affirming the position of the common currency imposed by the US The European Union (EU) and the United States are planning to create a common tariff area, imposing tariffs on steel and aluminum imports from economies such as China, under their export theme. European Commission on EU-US consensus. Based on sources from Politico, according to this agreement, they will impose a tax of 25% on steel and 10% on aluminum. This is favorable to the goal of creating a “club of like-minded economies” and would impose tariffs on imports from economies seen as a reservoir of support for the sectors. as important as steel and clean technology. The US and EU are still negotiating on how to establish this “globally oriented club” as a solution to the transatlantic dispute over aluminum and steel. Tensions date back to US President Donald Trump. In 2018, Mr. Trump imposed high tariffs on steel and aluminum imports from around the world, including from the EU, claiming that it was for national security reasons. This is to confirm the intention to merge the position of these two common currencies
Short
by NicoTradingMaster
EURUSD and future cooperation predictionsAccording to Politico sources, the deal would impose tariffs of 25% on steel and 10% on aluminum. The agreement creates a "club of like-minded economies" and aims to impose tariffs on imports from economies deemed to provide subsidies to key sectors such as steel and clean technology. It is said that The US and EU are still negotiating plans to create this "global club" as a solution to transatlantic disputes over aluminum and steel. These tensions date back to the era of former US President Donald Trump. In 2018, Trump imposed high tariffs on steel and aluminum imports from around the world, including the European Union, for national security reasons. According to the EU proposal, EU Commission President Ursula von der Leyen seeks to get closer to the US to overcome the dispute, with the aim of presenting a united transatlantic front against China. ing. Kwok.
Long
by Chart_MasterPro
EURUSD decreased then increased againThe euro EURUSD ticked up nearly 0.2% to $1.0549 after taking a tumble overnight against the dollar, while sterling GBPUSD was last trading over 0.2% higher at $1.2202. Investors also digested producer and consumer prices data out of China on Friday that showed deflationary pressures were slightly stronger than expected. "What we've got is a fairly weak growth story (from China), and that's weighing on the price numbers," said Rob Carnell, regional head of research in the Asia-Pacific region at ING. He added that the government could feel pressure to offer further support to the economy, albeit limited.
Long
by FalCol_TradingMaster
EUR/USD Soars as Euro Defies the Dollar's Decline - Crucial DataEUR/USD EUR/USD briefly rose above 1.0630, making modest gains after hitting monthly lows. The Euro is in a critical area, waiting for more US inflation data. It benefits from the US Dollar's weakness due to declining yields and positive market sentiment. The recent US Producer Price Index increase didn't greatly affect the Dollar, and the latest FOMC minutes emphasized a data-dependent policy approach. Thursday's economic calendar includes ECB minutes and the US Consumer Price Index, with potential market impact hinging on CPI performance. Based on technical analysis, the EUR/USD rose on Wednesday, pushing towards the upper band of the Bollinger Bands. Currently, the EUR/USD is trading below the upper band, while the bands are trending upwards, suggesting the potential for another upward move to retest the upper Bollinger Band. The Relative Strength Index (RSI) stands at 62, indicating that the EUR/USD is currently attempting to establish a bullish bias. Resistance: 1.0674, 1.0736 Support: 1.0583, 1.0530
by Think_More
The EU plans an anti-subsidy investigation to secure a steel deaThe conduct of an anti-subsidy investigation against steel manufacturers will be announced at a summit with the US on October 20. InternationalEU plans an anti-subsidy investigation to secure a steel agreement with My Phuong Nhi • October 11, 2023 19:19 The conduct of an anti-subsidy investigation with steel manufacturers will be announced at a summit peak with the US on October 20. Recently, the European Union (EU) said it is planning an anti-subsidy investigation against steel manufacturers in China and other countries. This is part of an agreement with the United States to end tariffs under former US President Donald Trump, Reuters reported on October 10. The Financial Times reported that the EU planned to announce the investigations, shortly after the meeting of US President Joe Biden and European Commission President Ursula von der Leyen and European Council President Charles on September 1. October 20 is here.
Long
by Chart_MasterPro