EUR Trading Outlook (11-11-2014)

EUR/USD A lift late in Europe’s morning saw the pair test above 1.2500. Asian offers and the 200-HMA were too much to overcome though as the pair halted at 1.2509.The USD’s slide initiated Friday began showing some signs of faltering as the market decided the greenback looked a bit cheap. EUR/USD slid from the high and sat near 1.2485 in early NY. Bear pressure was immediately applied in NY as the USD lift accelerated. Hourly support near 1.2470 was tested but it couldn’t hold for long. Yields on US bonds reversed course and clawed back much of Friday’s losses. EUR/USD broke the support and accelerated lower. A slump in commodity prices likely added to the pair’s woes. The pair eventually tested hourly support near 1.2415/20 in NY’s afternoon before the slide halted. Very little bounce was seen though as the pair sat just above 1.2420 late in the day. Action may be limited as there is little data due and US celebrates Veterans’ Day tomorrow. The pair may remain range bound until European inflation reports on Thursday and German & EZ Q3 GDP and US retail sales data on Friday.

Back to EUR Trading Outlook Archive

join THOUSANDS OF other people
who trade with easymarkets

Two minutes is all it takes.

You're almost there!

Finish your application and start trading today.

DON'T MISS A TRADING OPPORTUNITY

Two minutes is all it takes.