Scanning some of the notes and noting this via ING:
- EUR/USD got a modest boost from Trump's comments on interest rates
- the pair did not test the 1.1100 resistance level
And, for Tuesday (US trade … but I suspect it'll persist during the Asian Wednesday here):
- We expect EUR/USD … not breaching the 1.1100 level given the lack of data points and depressed / persistently falling implied volatility
Now for the 'but' …. technical from Commerz Bank:
- EUR/USD …. Thursdays price action constituted a key day reversal …. we have seen a recovery to the 55 day ma at 1.1093
- We will need to regain this for a viable retest of the 1.1180 recent high (favoured).
- While capped by the 55 day ma, the market is regarded as under pressure and capable of extending the decline to the next Fibonacci support at 1.0943
- Above 1.1180 will target the 1.1262 top of the channel and the 1.1359 200 week ma
I'm going to defer to the headlines … specifically US/China trade related. Good feels will give the EUR a boost, and the way its moving I expect at least something positive. Bad feels, though … back down we go. I'm sure this is not news to anyone.
