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 CPI m/m. (Previous analysis as well as outside sources – italics). EUR/USD: Wednesday had the US dollar index pare Tuesday’s losses, resuming its upward trajectory through 99.00. For the record, Federal Reserve Chairman Jerome Powell aired little regarding the US economy. Developments on the … Continue reading Thursday 13th February: Technical Outlook and Review.
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; Canada Employment Change and Unemployment Rate; US Average Hourly Earnings m/m; US Non-Farm Employment Change; US Unemployment Rate. (Previous analysis as well as outside sources – italics). EUR/USD: The euro ceded further ground to the US dollar Thursday, shedding more than 115 points, or … Continue reading Friday 7th February: Dollar Reigns Ahead of NFP.
The US dollar index (DXY) continued to flex its financial muscle Wednesday, strengthened on the back of upbeat data across the board. According to Automatic Data Processing (ADP), private-sector employment increased by 291,000 from December to January, on a seasonally adjusted basis.
