Fri, Jan 22, 2021 @ 21:10 GMT
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Sunset Market Commentary

Markets January PMI’s confirmed the gut feeling of an economic setback caused by fresh and extended lockdown measures to fight Covid-19 (mutants). The EMU composite PMI declined from 49.1 to 47.5, broadly in line with consensus. The underlying divide between strength in the export-oriented manufacturing sector (54.7 from 55.2) and...

EUR/USD Tests Weekly R1

During Friday morning hours, the EUR/USD currency pair tested the resistance level—the weekly R1 at 1.2185. If the predetermined resistance level holds, it is likely that some downside potential could prevail in the market. Note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as...

USD Continues Its Slide Lower

The USD seems to be heading for the worst week in the month today as the markets seem to be characterized by a positive mood, probably spurred also by the change of government and its big spending plans. Against EUR, the greenback is in the back foot as the...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2104 Prev Close: 1.2162 % chg. over the last day: +0.48% At the end of Thursday, EUR/USD demonstrated the presence of bullish strength, but the pair is still holding the position of a chasing one among the G10 currencies. Growth in German...

EUR/USD Breakout To The Upside Possible

The EUR/USD is at an important level. It will be make it or break it for the pair. The price is set between important confluence points. Below 1.2151, the EUR/USD will go to 1.2120 and 1.2085. W L3 hasn’t been tested yet so generally I don’t expect it to happen...

EUR/JPY Breakout Occurs

The common European currency surged by 59 pips or 0.47% against the Japanese Yen on Thursday. A breakout occurred through the upper line of a descending channel pattern during yesterday's trading session. Given that a breakout has occurred, the EUR/JPY currency exchange rate is likely to continue to edge higher...

EUR/USD Gains On A Weaker Dollar And ECB Meeting

The euro currency made a rebound, led by a weaker greenback and the ECB meeting on Thursday. The central bank did not make any changes which saw the euro rising as a result. However, the gains were capped near the familiar resistance area between 1.2177 and 1.2144 levels. This has led...

Daily Technical Analysis

EUR/USD Current level - 1.2171 At the beginning of the week, the single European currency reached the local low at the support level of 1.2062, after which the bulls gained momentum and the rally resumed. At the time of writing, the rise in the price of the euro against the U.S....

EURUSD 1.2160 Still Key

The euro currency has a slight bullish bias against the US dollar after the European Central Bank struck a more hawkish tone than markets were expecting on Thursday. EURUSD bulls need to gain traction above the 1.2160 resistance level in order to attract buying interest for a test of...

Crude Oil Price Points Lower Ahead Of EIA Inventories

The New Zealand dollar declined in early trading even after relatively strong inflation numbers from the country. According to the statistics bureau, consumer prices rose by 0.5% in the fourth quarter. This was better than the expected increase of 0.1%. The prices increased by 1.4% on an annualised basis....

Euro Rebounds Against While Stock Traders Take Profit

The forex markets are reversing some of this week moves today, as stock investors are also taking some profits ahead of the weekend. Euro is the better performing so far, followed by Swiss Franc, Dollar and Yen. Meanwhile, Sterling and commodity currencies are the weaker ones. As for the...

Market Morning Briefing: Euro Is Headed Towards 1.22

STOCKS Dow, DAX and Nikkei remain stable at higher levels. While a sideways consolidation looks like a possibility, it will have to be seen if they can see an extended rise before a correction comes into play. Shanghai is hovering around its crucial resistance level of 3600 which has to...

Central Banks Ready and Willing

Stock markets are broadly flat on Thursday as numerous central banks held their first policy meetings of the year and earnings season continued. So much focus has been on the transition in Washington and Joe Biden's inauguration but today we've had multiple major monetary policy meetings, albeit no action from...

Sunset Market Commentary

Markets The ECB left key policy parameters unchanged. The deposit rate remains at a negative -0.5%. APP runs at a €20bn pace/month. Net bond buying under PEPP will continue until March 2022 while maturing securities will be rolled-over at least until end 2023. The ECB has repeatedly said they could...

ECB Gets Slightly More Hawkish, Revealing that it might Not Use All of PEPP Envelope

The ECB left its powder dry in January. While continuing to warn of the downside risks on the Eurozone and global economy, the central bank delivered a hawkish tweak about operation of the Pandemic Emergency Purchase Program (PEPP). On the monetary policy measures, the central bank left the size...

ECB Recap: EUR/USD Rallies as Lagarde Shrugs off Euro Strength

As my colleague Fiona Cincotta anticipated yesterday, the European Central Bank made no changes to monetary policy, determining that no additional stimulus was warranted (yet) despite another extension to pandemic-related lockdowns on the continent. The headlines from the decision follow: ECB Leaves Deposit Rate Unchanged at -0.50% ECB Affirms Size...

Euro Recovers as ECB Sees Less Pronounced Downside Risk, Dollar Softens after Jobless Claims

Euro recovers mildly in early US session, after ECB said downside risks to the economic outlook are less pronounced. Though, it remains one of the worst performing for the week, together with Dollar, Yen and Swiss Franc. The greenback is clearly still under pressure for now, after worst than...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2126 Prev Close: 1.2105 % chg. over the last day: -0.17% EUR/USD was the weakest pair at the end of Wednesday. The day closed in the red despite the negative dynamics of the dollar index. This indicates significant pressure from the bears...

EURJPY Faces Big Challenge Around 125.50, Lacks Direction In Medium-Term

EURJPY has gained little over the last sessions but it is still holding below the 20-period simple moving average (SMA). The technical indicators are feeding prospects for a negative short-term trading; the RSI holds below the 50 level, while the MACD is slipping beneath its trigger line. A failure to...

EUR/JPY Decline Could Continue

The single European currency declined by 81 basis points or 0.64% against the Japanese Yen on Wednesday. The currency pair breached the 50– and 100– hour SMAs during Wednesday's trading session. All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential...

EUR/USD Broke Upper Channel Line

During Thursday morning hours, the EUR/USD currency pair broke the upper line of the medium-term descending channel. It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour moving averages in the 1.2110/1.2135 area and trade upwards in the short term. The rate could target...

Stocks, Pound Extend Gains And EUR/USD Steady As ECB Eyed

The EUR/USD was steady while the GBP/USD hit a new multi-year high on Thursday morning, as the US dollar fell further with more global indices hitting new record highs with investors remaining hopeful that lockdowns will end hopefully in the not-too-distant future with many developed countries rolling out COVID...

EUR/USD Outlook: Recovery Was So Far Limited, Unchanged ECB To Further Weigh On Risk Rally

The Euro remains constructive after recovery attempts ran out of steam under key Fibo barrier at 1.2166, resulting in bearish daily close on Wednesday. Strong reversal signals on bear-trap and hammer candle on Monday continue to underpin the single currency. Rising risk sentiment, presented by rally in stocks and commodities, is...

EURUSD Consolidates After Correction Below 200-MA

EURUSD's recent bounce within a key support region, after a deep retraction below the 200-period simple moving average (SMA), seems to be curbed by the 50-period SMA. Promoting a paused bearish plunge is the falling 50-period SMA and the slight upturn in the 20-period SMA. Furthermore, the gliding 100-period SMA...

Daily Technical Analysis

EUR/USD Current level - 1.2124 The negative decline after the unsuccessful attempt at violating the resistance zone at 1.2141 was limited around the zone at 1.2097. During the early hours of today’s trading, the bulls took control and a new test of the aforementioned zone at 1.2141 could be expected. А...

Keep A Very Close Eye At Sterling

Markets The British pound unexpectedly took center stage yesterday. EUR/GBP declined sharply at the very start of the European open, temporarily breaking below key support at the 0.886 area. UK December inflation topped expectations but failed to explain the move from a timing-perspective. Moreover, with inflation still well below the...

EUR/USD Reverses Near 1.2144, Will It Push Lower?

The euro currency is trading with some modest losses on Wednesday. The declines come after price action made a rebound just a few pips above the 1.2050 technical support. This rebound pushed prices to test their technical resistance level near 1.2144. Following this small rally, price action reversed gains. At the...

EURUSD ECB Day

The euro currency has come back under pressure against the US dollar, following a major technical rejection from the 1.2260 resistance zone. The price action surrounding the EURUSD pair is fairly bearish at the moment as traders continue to sell into rallies. With this in mind, EURUSD bears need...

Euro Vulnerable as ECB Awaited, Strong Risk-On Sentiment Continues

Euro recovers mildly today but stays as one the weakest, along with Dollar, Yen and Swiss Franc. Strong risk-on sentiments pushed major US indices to new records overnight. Commodity currencies are generally strong on the sentiments. Canadian Dollar was additionally lifted by the not-so-dovish BoC statement, but it's awaiting...

Japanese Yen Gains After The Bank Of Japan Rate Decision

The price of crude oil declined in overnight trading after a sudden increase in US oil inventories. According to the American Petroleum Institute (API), the number of inventories increased by more than 2.5 million barrels last week. That was higher than the expected drawdown of more than 300k barrels....