USD longs made a comeback Thursday, with the DXY staging a stronger-than-expected recovery above 96.50. This firmly weighed on the euro, the largest component of the index making up almost 58%.
Key risk events today: Eurozone Flash Manufacturing/Services PMIs; UK Flash Manufacturing […]
EUR/USD continues to echo a bearish stance, capped at the underside of the 1.08 handle on the H4 timeframe. The US dollar index continued marching higher Wednesday, scoring highs at 99.71, levels not seen since May 2017.
Europe’s shared currency tumbled for a fifth successive session against the buck Tuesday, pulled lower on weak German ZEW Economic Sentiment for February and the Federal Reserve Bank of New York’s Empire State Manufacturing Index also rising sharply in February.
After refreshing multi-year lows at 1.0827 Friday, EUR/USD struggled to find direction Monday as US banks closed in observance of Presidents' Day – confined within a tight range between 1.0851/1.0829.
EUR/USD held on to the bulk of its losses Thursday after breaching H4 support at 1.0857, consequently shaking hands with a 161.8% Fibonacci extension at 1.0838. Yesterday’s descent, aside from a brief pause on February 11th, registered its eighth successive decline.
Key risk events: EU Economic Forecasts; US CPI m/m and Core […]
The euro fell victim to sustained USD strength Monday, with the US dollar index reaching highs of 98.88, poised to approach the 99.00 handle. The weekly timeframe has price action nearing support, shaped in the form of a 2016 yearly opening level at 1.0873.
Key risk events today: China Trade Balance; China USD-Denominated Trade Balance; […]