As the DXY toys with breaking 94.00 support, down 0.4% on Tuesday, EUR/USD, following a retest at August’s opening value at 1.1771, destroyed a number of key resistances on the H4 timeframe.
GBP/USD, as you can see, recently recoiled from support at 1.2739 (a 2019 yearly opening value), a level blending with trend line resistance-turned support, extended from the high 1.5930. It is worth pointing out the aforementioned trend line was engulfed in late July this year, announcing an uptrend could be on the cards.
Key risk events today: US Core Retail Sales m/m and Retail Sales m/m; US Prelim UoM Consumer Sentiment. (Previous analysis as well as outside sources – italics). EUR/USD: Downbeat risk sentiment bolstered demand for the US dollar Thursday, consequently leading EUR/USD sharply lower. Following a H4 retest at August’s opening value from 1.1771 (and converging … Continue reading Friday 16th October: Technical Outlook and Review
Key risk events today: Australia Jobs Figures; Philly Fed Manufacturing Index; US weekly Unemployment Claims. (Previous analysis as well as outside sources – italics). EUR/USD: Europe’s single currency modestly rebounded from one-week lows against a broadly softer greenback on Wednesday. Technically, the H4 candles recoiled from October’s opening value at 1.1730 with enough force to … Continue reading Thursday 15th October: Technical Outlook and Review
The US dollar rebounded sharply Tuesday, guiding EUR/USD into a bearish environment.
Technical price action on the H4 lost grip north of 1.18, and subsequently overthrew August’s opening value at 1.1771 and a trend line support, extended from the low 1.1684.