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2013.04.17 : Foreign Exchange Rate: US Dollar – overpowered by both its counterparts
EUR/USD
Although the German ZEW Economic Sentiment came out much worse than expected and initially brought price into the support at 1.3040, the foreign exchange rate for the pair quickly rallied and made its way for the strong resistance at 1.3160. At the moment price sits comfortably above the mentioned resistance and the bulls are in control after such a strong move.
Just like the sister pair, the GBP/USD climbed higher for almost the entire duration of the day. Price came in close vicinity to the strong 1.5260 level early yesterday morning but failed to touch it before starting to move higher.
2013.04.18 : Currency Exchange Market: Uncertainty rules the market
EUR/USD
Unexpectedly the pair dropped yesterday the whole distance it gained during the previous day and the break above 1.3160 proved to be just a false move in the currency exchange market. Talks of a German downgrade are likely to have triggered this fall but that’s just rumor at the moment.
The pair had almost the same behavior as the EUR/USD and dropped significantly lower. The important support located at 1.5260 was broken and even re-tested from below, confirming that it has now turned into resistance.
2013.04.19 : Forex Market Blog: Range is the name of the game
EUR/USD
After the massive sell off seen Wednesday, yesterday’s price action retraced higher following a bounce from the support located at 1.3000 as stated in our forex markets blog. The Philly Fed Manufacturing Index came out much worse than expected, at 1.3 from a forecast of 2.7 and this fact weakened the US Dollar, driving the pair higher.
Yesterday the pair returned above the level of 1.5260 proving that the break below it was a false one. The UK Retail Sales came out exactly as expected, at -0.7% and did not have a major impact on the pair.
2013.04.22 : Grinding between forex Support and Resistance levels
EUR/USD
Friday’s trading session was one of the most difficult seen in the latest period, the pair is grinding between forex support and resistance levels. The pair moved higher and lower without a clear or predictable reason. The G20 meetings had a big effect on the pair and a lot of the erratic movement we talked about was generated by this event.
The pair bounced off the resistance located at 1.5365 and headed lower, in close vicinity to the 1.5220 support. The move up followed by the strong bounce lower shows that the pair is trading in a range and no trend is present.
2013.04.23 : If the “rules” of the ranging forex market are followed, the next move is bullish
EUR/USD
Yesterday the pair traded about 70 pips lower before shifting direction and moving higher after a bounce off the level of 1.3020 in the forex market. The US Existing Home Sales posted an unexpected drop and came out at 4.92M from the anticipated number of 5.02M.
After sitting on the support located at 1.5220 for a few hours, price finally decided to move up and this was the direction of the pair for most of the day. The US Dollar weakness generated by worse than expected Existing Home Sales numbers contributed to the bullish movement of the pair.
2013.04.24 : Forex Support and Resistance: Support is holding… the bulls are waiting in the shadows
EUR/USD
Forex support and resistance: Yesterday support was broken but this did not bring an end to the ranging period and price soon returned above 1.3000. The German Flash Manufacturing came out with a value of 47.9, worse than the anticipated 49.0. This value was the trigger for a weak Euro and the reason for the initial drop below 1.3000.
Yesterday the pair had another failed attempt at breaking the strong support located at 1.5220. Higher prices soon followed but at the moment we are still trading a range-bound market.
2013.04.25 : Forex Technical Analysis: There is still no clear control from either side.
EUR/USD
Forex Technical Analysis: The German Ifo Business Climate index came out with a value of 104.4, worse than the anticipated 106.4, a fact which briefly weakened the Euro but overall the trading session was sideways and characterized by a major spike generated by the event mentioned.
2013.04.26 : Forex Technical Analysis: Ending the week outside the range?
EUR/USD
Forex Technical Analysis: The pair had another day characterized by a difficult trading environment and after climbing almost the entire session, it fell below the opening price of the day on the back of better than expected US Unemployment Claims numbers: actual 339K compared to the anticipated 352K. The major support located at 1.3000 proved too strong once again and the sudden 100 pip drop could not break it.
The headline yesterday was the UK Gross Domestic Product value which came out at 0.3%, better than the anticipated 0.1%. The move generated by this increase was one of the strongest seen lately on our pair: almost 200 pips to the upside.
2013.04.29 : Forex Technical Analysis: A slow start to a potentially wild week
EUR/USD
Forex Technical Analysis: Friday’s session was mostly ranging and the bears didn’t have enough power to continue the strong move they started Thursday. However, a weaker US Gross Domestic Product pushed the pair higher after another touch of support.
Friday the pair managed to print a higher high on the back of a worse than expected US Advance Gross Domestic Product but the overall movement was a lot slower compared to the furious rally seen a day before.
2013.04.30 : Forex Technical Analysis: Can the US Dollar take back control?
EUR/USD
Forex Technical Analysis: Yesterday the pair traded higher and with clear direction, without too many sharp turns. The US Pending Home Sales came out better than expected, at 1.5% from the estimated 1.1%, a fact which strengthened the US Dollar and stopped the pair from rising higher.
The pair broke the resistance located at 1.5500 early in the morning but returned below it later in the day on the back of better than expected US Pending Home Sales numbers which strengthened the US Dollar.
2013.05.01 : European Central bunk closed, celebrating Labor Day
EUR/USD
The European central bunk is closed today, it will affect the trading volume during the European session. Yesterday the US Dollar weakened against most of its counterparts on the back of a report showing that the US business activity is slowing down. The pair climbed above the resistance located at 1.3130 and headed towards 1.3200 before retracing lower in the afternoon (GMT).
Just like the sister pair, GBP/USD had a bullish day and resistance levels were broken. Once the pair broke free of the 1.5500 level, it had a clear, unidirectional movement without any sharp turns.
2013.05.03 : Forex Technical Analysis: The US Non Farm Employment Change – another market mover?
EUR/USD
Forex Technical Analysis: The European Central bunk decreased the Interest Rate yesterday and as expected, the pair dropped massively, although the initial move was bullish and trading was made difficult by erratic movement at the time of the release.
The UK Construction PMI came out at 49.4, better than the anticipated 48.1, a fact which slightly strengthened the Pound in the first part of yesterday’s trading session but the important Euro related events drove the pair lower, for another touch of the strong support located at 1.5500.
2013.05.06 : Technical Forex Analysis: Taking a rest after Friday’s wild movement
EUR/USD
According to the technical forex analysis, friday was one of the most difficult to trade sessions experienced during the last period. The US Non Farm Employment Change numbers (which came out better than expected, at 165K from the estimated 146K) triggered a big drop but this was soon reversed and price created a “V” shaped pattern.
The pair had irregular movement Friday but the strong support and resistance levels located at 1.5500 and 1.5600 reversed price each time they were touched.
2013.05.07 : Forex Technical Analysis: Still confined between Support and Resistance?
EUR/USD
Forex Technical Analysis: The pair traded in a narrow range for the first part of yesterday’s session, touching 1.3130 but failing to break it to the up side. The most important move of the day however, came in the afternoon when the pair dropped substantially compared to the movement seen before.
The UK banks were closed yesterday, celebrating May Day but the pair moved approximately 80 pips lower from the opening of the day. The resistance located at 1.5600 was touched but no break occurred, as anticipated.
2013.05.08 : Forex Technical Analysis: Neither the bulls nor the bears have enough power to decide direction
EUR/USD
Forex Technical Analysis: Yesterday the pair continued its erratic and difficult to trade movement by first climbing to touch the resistance located at 1.3130 on the back of much better than expected German Factory Orders actual (2.2% from the estimated -0.4%) and then sharply reversing and dropping the whole way down
2013.05.09 : Forex Technical Analysis: The day’s market mover – bunk of England’s Interest Rate Decision
EUR/USD
Forex Technical Analysis: Yesterday the bulls proved they do have enough power to take control over the market and drove the pair significantly higher, near 1.3200. The German Industrial Production numbers came out a lot better than expected, at 1.2% (estimated -0.1%) and this strengthened the Euro.
Yesterday the pair showed us that the break of 1.5500 was a false one and price soon returned above the mentioned level, heading towards the strong resistance situated at 1.5600.
2013.05.10 : Forex Technical Analysis: A calm end to a wild week?
EUR/USD
Forex Technical Analysis: The pair failed to hold on to the gains accumulated and yesterday we saw the bears in almost complete control of the market. The Euro weakness was also triggered by deepening concerns of a Euro Zone recession. Also the US Unemployment Claims were fewer than expected and this strengthened the US Dollar.
The bunk of England did not change the Interest Rate but this was perceived as a bearish sign by market participants and as a result the pair experienced a sharp sell off and touched 1.5500.
2013.05.13 : Forex Technical Analysis: The US Dollar is likely to drive both pairs lower.
EUR/USD
Forex Technical Analysis: Friday the bearish momentum continued, but the moves were slower than the ones experienced Thursday and late in the evening the pair even started to move higher. Overall however, the control definitely belonged to the bears.
Similar to the EUR/USD, the Cable dropped during Friday’s trading session and several resistance levels were broken, showing us the clear control of the bears.
2013.05.14 : Forex Technical Analysis: Bears still in control
EUR/USD
Forex Technical Analysis: Overall the pair had a ranging movement, attempting two more times to break the support located at 1.2955 but failing each time. The US Retail Sales showed some improvement and this briefly strengthened the US Dollar, driving the pair lower.
Yesterday the pair moved lower, breaking Friday’s low located at 1.5314 on the back of better than expected US Retail Sales which had a higher impact on the Cable than on the EUR/USD pair.
2013.05.15 : Forex Technical Analysis: Breaking out of the consolidation area
EUR/USD
Forex Technical Analysis: Yesterday was a mixed day for the pair and price first moved upwards, above 1.3000 and then moved below this level, touching 1.2955 but failing to break it. The German ZEW Economic Sentiment came out worse than expected, with a value of 36.4 (anticipated was 39.5) and this played a big role in the drop towards 1.2955.
