Subscribe to RSS

Global Analysis: Euro/Dollar: Expected Fall to 1.0737 by Day’s End

Hourly

Yesterday’s Trading:

On Thursday, trading of the euro/dollar closed up. Sharp fluctuations on the euro were caused by ECB president Draghi’s speech and by speeches from US Fed representatives. Draghi promised to reassess QE in December and the Fed speakers came out with conflicting words: they don’t know exactly when the US interest rate will be increased. Yellen kept her lips tight with regards to US monetary policy.

The number of US initial unemployment benefit applications for the week ending 7/11 stood at 276,000 (forecasted: 276k, previous: 276k).

Main news of the day (EET):

  • 09:00, German Q3 preliminary GDP;
  • 11:00, ECB representatives Nowotny and Constancio to speak;
  • 12:00, Eurozone trade balance for September and Eurozone Q3 preliminary GDP;
  • 14:15, ECB representative Mercsh to speak;
  • 15:30, US retail sales and PMI for October;
  • 17:00, US November Reuters/Michigan Consumer confidence index;
  • 20:00, Baker Hughes data on operational drilling rigs.

Market Expectations:

The euro/dollar closed the day having lifted to 1.0829. The price pattern from 1.0707 has a complex formation, so we really need to have a look at previous situations on the pair. If we do this, the patterns which we find with a 250 bar window indicate that the euro will continue to fall, but there is a possibility that there will be a rebound to 1.0850. We need to keep an eye on German and Eurozone GDP data; it could increase market volatility.

Technical Analysis:

  • Intraday target maximum: 1.0850, minimum: 1.0737, close: 1.0765;
  • Intraday volatility for last 10 weeks: 119 points (4 figures).

The euro/dollar is down from a maximum of 1.0829 to 1.0784. The 1.0673 and 1.0690 bases can be considered as a double bottom. As I see it, the price should go higher to 1.0890. However, I have limited the rise to only 1.0850 and then a fall to 1.0737. If the GDP data comes out worse than expected, the euro could head straight down. The fundamental data is more important than the technical signals.

EURUSD

Daily

The hammer target worked. Now we need to wait for the stochastic to turn around downwards in order to short the euro. Especially since the trend line has been broken and the euro could lift higher than 1.0877 (23.6% from 1.1494 to 1.0673). Now to the Weekly.

EURUSD

Weekly

The sellers need to be active this Friday. If the weekly candle closes higher than 1.0790, the oscillator stochastic will form a buy signal for the euro.

Whilst the price is below 1.0840 and the CCI is below -100, I expect to see a fall of the euro to 1.0520 (14/04/15 minimum).

EURUSD

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

123% Tradable Deposit Bonus Promotion – FreshForex

123% Tradable Deposit Bonus Promotion – FreshForex(0)

Get 123% Tradable Deposit Bonus Promotion gives a real chance to start Forex trading with low investment and double return. Start efficient Forex trading with Tradable Bonus 123% Campaign. Link:  123% Tradable Deposit Bonus Promotion Link:  $5 Forex No Bonus Promotion Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: Get 123%

500 Cent Forex No Deposit Welcome Bonus – FortFs

500 Cent Forex No Deposit Welcome Bonus – FortFs(0)

Get 500 Cent Forex No Deposit Welcome Bonus 2017-2018 to All New Traders. Open a forex real trading account, pass the personal data verification procedure and get the 500 Cent Free Forex Welcome Bonus! Link:  Up to 50% Bonus of Every Deposit Link:  500 Cent Forex No Deposit Bonus Link:  15% Support Margin Bonus Available

$10000 Monthly Challenge Live Trading Contest – FXCM

$10000 Monthly Challenge Live Trading Contest – FXCM(0)

$10,000 Monthly Challenge Live Trading Contest Compete to Win Cash Prizes. The Contest only available to FXCM Mini Account clients Join the monthly Live Trading Contest by opening an FXCM Mini Account with as little as $50. Link:  $10000 Monthly Challenge Contest Available to: All Mini Account clients Contest offer: $10,000 Monthly Challenge Live Trading

$1000 Free No Deposit Forex Bonus – Grand Capital

$1000 Free No Deposit Forex Bonus – Grand Capital(0)

Contests for Forex trader Main Prize $1000 Free No Deposit Forex Bonus. The Contests main prize is $1000 Free No Deposit Forex Bonus with fully withdraw able profit Link:  $1000 Free Bonus‎ Trader Contest Link:  $500 Forex No Deposit Welcome Bonus Link:  Up to 444% Profit Receive for a single trade Link:  40% Forex Deposit

Up to $5000 Trading Credits Bonus Promo – HYCM

Up to $5000 Trading Credits Bonus Promo – HYCM(0)

25% Forex Credit Bonus Promo available on your Deposits. Experience Some of HYCM New Features, Services and Offers Receive 25% Forex trading credit bonus Link:  25% Trading Bonus on your Deposits Ending Date:  31 December 2017 Available to:   New Clients only Bonus Offer: 25% Forex Trading Bonus Promo Available on your deposits to New Clients only.

$20 Forex No Deposit  Bonus Promo Action – NPBFX

$20 Forex No Deposit Bonus Promo Action – NPBFX(0)

$20 Free No Deposit Bonus Promo action. $20 Free No Deposit Bonus Client must submit application of requesting the accrual of bonus funds with indicating the number of trading account by email  info@npbfx.com. Link:  $20 Free Bonus Promo Action Ending Date:  1 March 2017 Available to:   New Clients only Bonus Offer: $20 Free No Deposit

300% Forex Tradable Bonus Promotion 2017 – MarketsYes

300% Forex Tradable Bonus Promotion 2017 – MarketsYes(0)

300% Forex Tradable Bonus Promotion All New and existing clients. MarketsYes is offering all prospective clients deposit for up to 3000 USD/EUR/GBP a 300% Tradable Bonus. Link:  300% Tradable Bonus Promotion Available to: All New and existing clients Ending Date: 31 December 2017 Bonus offer:  300% Tradable Bonus Promotion All New and existing clients. SETTLEMENT

FX Zones Forex Demo Trading Contests – Forex Time

FX Zones Forex Demo Trading Contests – Forex Time(0)

FX Zones Forex Demo Trading Contests 2017 Win up to a total of $12,000. ForexTime is doing something extra special with its trading contests this year, starting with FX Zones Forex Demo Trading Contest  2017 Link:  Demo Forex Trading Contest Link:  Loyalty Cashback Promotions Link:  200% Withdraw-able Cashback Rebates Available to:   New Clients only Contest

Get $88.8 Forex Free No Deposit Bonus – FBS Inc

Get $88.8 Forex Free No Deposit Bonus – FBS Inc(0)

Get $88.8 Forex Free No Deposit Bonus when you open your first FBS Real Account. The $88.8 Free Forex bonuses is credited automatically after account opening, upon verification of the clients phone number and e-mail. Link:  $123 Forex No Deposit Bonus Promotion Link:  $88.8 Lucky No Deposit Required Bonus (for Malaysian traders) Link:  100% Forex

100% Welcome Bonus to Your First Deposit – AvaTrade

100% Welcome Bonus to Your First Deposit – AvaTrade(0)

100% Special Welcome Bonus Offer to your first deposit Up to $300. Start trading today and in honor of our Irish roots we’ll give you a St. Patrick Day special Welcome bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories