EURUSD Daily Analysis – January 30, 2017
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.0340, and the fall from 1.0774
EURUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.0340, and the fall from 1.0774
The EUR rallied during the day on Monday, but found enough resistance at the 50-day exponential moving average to turn around and form a less than spectacular candle.
The EURUSD pair fell slightly but then turned back around to form a hammer.
EURUSD broke below the upward price channel on 4-hour chart, indicating that consolidation of the uptrend is underway.
The EURUSD pair continued to grind higher during the day on Wednesday, as fears over a switch in the expected outcome of the presidential election in the United States of course has have the US dollar falling.
At the start of a week full of US earnings, important economic data and a couple of central bank meetings, risk is somewhat off the menu. Equities, copper and, to a lesser degree, oil prices were all trading lower at the time of this writing.
EURUSD recently broke below its descending triangle support at 1.1130 and has dipped to a low of 1.0988 before showing signs of a pullback. Applying the Fib tool on the latest swing high and low shows that the 61.8% Fibonacci retracement level lines up with the broken support, which might now hold as resistance.
In recent days we have seen the dollar’s bullish trend gain momentum against the G10 currencies. Investors appear to be expanding their bullish bets on the greenback amid rising expectations that Donald Trump’s reputation will prevent him to become the next US president.
The EURUSD pair fell slightly during the course of the session on Monday, and as a result I feel that there is more than enough support below to eventually find buyers, and I believe that the 1.1150 level below is massively supportive.
The EURUSD pair initially fell during the course of the session on Monday, but turn right back around to reach higher.