Monday 21st December: Technical Outlook and Review
Price action on the weekly timeframe, as highlighted in recent technical briefings, also reveals further selling could be on the cards this week. Recent weeks witnessed price elbow through the 2020 yearly opening value at 1.2975 and Quasimodo support coming in at 1.2887. With both 1.2975 and 1.2887 depicting resistance, sustained downside places the 2018 yearly opening value at 1.2579 in the firing line. Also important to note is that long-term flow has been pointing lower since topping in March.
Friday 18th December: Technical Outlook and Review
USD weakness, fuelled by Thursday’s risk-on environment and Fed Chair Powell’s dovish tone in the post-meeting press conference on Wednesday, led EUR/USD to fresh multi-year pinnacles.
Thursday 17th December: Technical Outlook and Review
Key risk events today: MPC Official Bank Rate Votes, BoE Monetary […]
Wednesday 16th December: Technical Outlook and Review
Headlines inferring UK and EU negotiators close in on a trade deal elevated GBP/USD Tuesday. Following a rebound off the 1.33 handle, the pair overthrew December’s opening value at 1.3335 on the H4 and also the 1.34 border. Clearing 1.34 shines the spotlight on last Wednesday’s high at 1.3477, closely followed by the 1.35 level, a round number merging with a H4 Quasimodo resistance (red arrow) and weekly resistance at 1.3503 (the 2018 yearly opening value).
Tuesday 15th December: Technical Outlook and Review
Europe’s shared currency kicked off the final full week of trading in December in reasonably positive territory against a broadly softer USD. With the US dollar index maintaining a presence south of 91.00, EUR/USD went forward and shook hands with daily resistance at 1.2165, a level that made an appearance at the beginning of December.
Monday 14th December: Weekly Technical Outlook and Review
Europe’s single currency wrapped up the week mostly unmoved against its US counterpart, clutching the upper bounds of the prior week’s action. The technical picture on the weekly chart reveals EUR/USD recently overwhelmed the 2018 yearly opening value at 1.2004, drawing out supply at 1.2420-1.2214.
Friday 11th December: Technical Outlook and Review
The US dollar index found soft grip north of 91.00 and consequently retreated into negative territory on Thursday, elevating EUR/USD above 1.21 to peaks at 1.2159. The ECB’s policy announcement largely fell in line with consensus, with interest rates unchanged.
Thursday 10th December: Technical Outlook and Review
As the US dollar index climbed 91.00 amidst a deterioration in risk sentiment Wednesday, EUR/USD overthrew the 1.21 handle on the H4. With 1.21 now likely to serve as psychological resistance, along with the lack of obvious support present on the H4 chart, we could see the pair continue to weaken until reaching the key figure 1.20.
Wednesday 9th December: Technical Outlook and Review
Europe’s single currency rolled out a subdued tone against the US dollar Tuesday, as the US dollar index continues to languish south of the 91.00 handle. Bid/offers appear even off the 1.21 handle on the H4 scale, with EUR/USD suggesting either a push north to shake hands with daily resistance at 1.2165 once more, or navigating south of 1.21 to perhaps seek 1.20 bids and trend line support, extended from the low 1.1602.
