Jump to content

EURUSD: the pair is close to the lower

Rate this topic


Recommended Posts

The euro took a dive on the back of a broadly stronger dollar, along with a weakening pound and Canadian dollar, which dragged the market down with it.

Today, the euro dropped from 1.1369 to 1.1316. The British pound has fallen to 1.2958. This drop came after reports of UK Minister for London Jo Johnson’s resignation, who left his post saying that he cannot support the government’s Brexit deal.

Day’s news (GMT+3):

12:00 Eurozone: ECB Vice President Luis de Guindos speech.
22:30 US: FOMC member Daly speech.
24-hr US: Veterans Day.

12.11.18_EURUSD_H1_5be935cf7bac4.png
Fig1. EURUSD daily chart.

Current situation:

On Monday, the dollar continued on its upwards trajectory against the majors, including the euro. The pound is falling and dragging all other currencies down with it. The dollar is being propped up by expectations of further interest rate hikes.

The EURUSD pair has dropped to 1.1269 today. I’ve shown the daily chart above in order for you get a better idea of the bigger picture. The trend line was broken through on the 24th of October. The bulls tried, and failed, to get the rate back to this level. The rate instead dropped to 1.1268, and is currently sitting around the lower line of the B-B channel.

The forex calendar is virtually empty today. There’s a small chance of a rebound from the line. If we look at the bigger picture, the euro looks poised to drop to 1.1050. 1.1160 will provide some intermediate resistance.
 

Link to comment
Share on other sites

  • 1 month later...
  • 4 weeks later...

February 1, 2019, suggests a test level of 1.1520. Further, it is expected to continue falling to the area below the level of 1.1160. The conservative sale area is located is near the area of 1.1530. The cancellation of the EUR/USD pair fall option will be the breakdown of the level of 1.1600. In this case, we can expect continued growth.

 

eurusd-m-h1-riston-capital-ltd-2.png

Link to comment
Share on other sites

  • 2 weeks later...

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • 👍 Join TopGold.Forum Now

    We Connect  Money Makers With TOP Earning Opportunities!

    Join over 25,000 members and 700 businesses on their journey to strike GOLD. 💰🍾👍

    👩 Want to make money online? 
    💼 Represent a company? 

⤴️-Paid Ad- TGF approve this banner. Add your banner here.🔥

×
×
  • Create New...