General EURUSD Chart Analysis

[CDO Markets]

•EUR/USD renews its intraday high around 0.9845 amid the fresh decline in the US dollar. In doing so, the quote pares the previous day’s losses, the biggest in two weeks, amid an absence of major data/events. The pair trimmed the gains and back to familiar range 0.9770 are to end Thursday, neutral to bearish in the daily chart.
•China’s debate on reducing quarantine time for international travelers seemed to have triggered the US dollar’s latest weakness amid a likely sluggish session. With this, the US Dollar Index (DXY) reverses the Asian session gains and prints 0.12% loss on the day as it refreshes intraday low to 112.77 at the latest.
•Moving on, a light calendar and a sudden shift in the risk profit could probe the EUR/USD from declining further. However, the recovery remains doubtful unless the yields start deteriorating and the DXY also ease, which is less expected.
•The EUR/USD pair is trading near the 0.9770, unchanged for the day with the neutral stance in daily chart. The pair stabilized between 20 and 50 SMA, indicates neutral strength. Meanwhile, the 20 SMA continued developing below longer ones despite it started turning flat, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9875, break above this level will extend the advance to 1.0000.
•Technical readings in the daily chart support the neutral stances. The RSI indicators hovering near the midlines and stabilized around 50. The Momentum indicator stabilized in the negative territory, indicating downward potentials. On downside, the immediate support is 0.9740 and below this level will open the gate to 0.9630.

 

[Frano Grgić]

The price did not return back down and test the $0.96716, but it moved to the upside and tested the previous small resistance as a support level.

Since the price managed to close the day above previous daily candles this is indication we will see the price more higher.

The next level for the price is $0.99134 which is the next target in the coming week.

The $0.99134 could be a first level for the bulls to change the market bias from selling into buying trend.

 

[CDO Markets]

• The US Dollar tumbled as traders braced for the weekend following a volatile session that initially witnessed the EURUSD hitting its daily lows of around 0.9704. Still, news that the Federal Reserve (Fed) officials will slow the rhythm of rate hikes lifted the Euro from its lows, propelling the EURUSD back above 0.9800 and ended the week at around 0.9860, neutral to bullish in the daily chart.
• In the New York session, the US Dollar was hit by news that Fed policymakers will discuss the size of subsequent interest rate increases to the Federal funds rate (FFR) at the November meeting. EUR buyers capitalized on the news, as the EURUSD recovered the 0.9800 figure. Later, San Francisco Fed President Mary Daly acknowledged what the article meant, commenting that even though rate hikes are needed and support a 75 bps increase for November, she added that it would not be 75 bps increases “forever.”
• Consequently, US bonds rallied, a headwind for US Treasury yields, which dropped from around weekly highs, weighing on the US Dollar and underpinning the Euro. The US 10-year Treasury bond yield trimmed its earlier gains and stood at around 4.218% after reaching a YTD high of 4.338%, levels last seen in 2007.
• The EUR/USD pair is trading near the 0.9860, up for the day with the neutral stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. However, the 20 SMA continued developing below longer ones despite it started turning flat, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9875, break above this level will extend the advance to 1.0000.
• Technical readings in the daily chart support the neutral to bullish stances. The RSI indicators hovering near the midlines and stabilized around 52. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9700 and below this level will open the gate to 0.9630.

 

[CDO Markets]

•The EUR/USD makes a U-turn, pairing some of its earlier losses, amidst a critical week for the Euro, with the European Central Bank (ECB) monetary policy meeting on Thursday. The shared currency recovery is due to some US data reporting S&P Global PMIs, which showed the US economy continues to deteriorate. The pair ended the week at around 0.9880, bullish in the daily chart.
•The US S&P Global Flash Composite for October showed that business activity in the country shrank by the fourth-consecutive month, with the Composite PMI hitting 47.3 less than estimates. The Manufacturing and Services PMI dropped, each at 49.9, less than September’s 52.0, while Services tumbled to 46.6, against 49.3 in the previous month’s reading.
•Across the pond, the Eurozone also reported PMIs for France, Germany, and the whole bloc, further cementing that the Euro area economy is headed toward a recession. The S&P Global PMI Composite fell to 47.1 from 48.1 in September, below economists’ estimates of 47.5.
•The EUR/USD pair is trading near the 0.9880, up for the day with the neutral stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. However, the 20 SMA continued developing below longer ones despite it started turning north, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9900, break above this level will extend the advance to 1.0000.
•Technical readings in the daily chart support the neutral to bullish stances. The RSI indicators hovering near the midlines and stabilized around 54. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9800 and below this level will open the gate to 0.9700.

 

[CDO Markets]

•The EUR/USD advances sharply due to a soft US Dollar blamed on the Fed’s pivot narrative surrounding the financial markets. Also, solid US corporate earnings keep investors’ mood positive, despite the ongoing global economic slowdown. At the time of writing, the EUR/USD is trading at 0.9966 after hitting a three-week high at around 0.9976, still bullish in the daily chart.
•US equities remain trading in the green, supported by earnings. Meanwhile, US economic indicators continue to paint a gloomy picture for the economy, as conditions in the housing market continue to dampen, albeit Fed officials prepare to slow down the pace of tightening. According to St. Louis Fed President James Bullard, discussions of “where the Fed should go and then become data-dependent” will be held at the November meeting.
•In the meantime, early in the US session, housing data reported that prices cooled down, reflecting the impact of higher borrowing costs, given that the Fed had tightened 300 bps during the year. The S&P CoreLogic Case Shiller Price Index for August increased by 13%, less than July’s 15.6%, while the Federal Housing Finance Agency showed that home prices in August rose by 11.9% YoY, lower than the previous month’s 13.9%.
•The EUR/USD pair is trading near the 0.9966, up for the day with the bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0000, break above this level will extend the advance to 1.0070.
•Technical readings in the daily chart support the neutral to bullish stances. The RSI indicators hovering above the midlines and stabilized around 59. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9800 and below this level will open the gate to 0.9700.

 

[CDO Markets]

•The euro is performing a surprising recovery after having appreciated more than 3% on a four-day rally. The common currency has stretched higher on Wednesday’s US session, breaching the previous session top at 1.0050 to reach 1.0085.
•The US dollar has been on the defensive over the last sessions weighed by market expectations of a certain softening on the Federal Reserve’s tightening path. A batch of downbeat US indicators has revived concerns that escalating interest rates are dampening growth.
•A news report by the Wall Street Journal suggesting that Fed officials might be discussing how to communicate lower rate hikes in the months ahead has given further backing to that thesis. This new scenario is weighing on the USD, which has surged about 20% this year, buoyed by the Fed’s hawkish stance.
•The EUR/USD pair is trading near the 1.0080, up for the day with the bullish stance in daily chart. The pair stabilized above all main SMAs and stayed firmly above the long-term bearish channel, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
•Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 65. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 1.0000 and below this level will open the gate to 0.9900.

 

[CDO Markets]

•EUR/USD accelerates the daily decline from tops near 1.0100, now comes under further downside pressure and prints new daily lows in the vicinity of 0.9960 on Thursday. It settled around 0.9970, still bullish in the daily chart.
•Indeed, Chairwoman Lagarde emphasized the progress made by the central bank in withdrawing accommodation. The Council see the economic activity in the region slowing significantly in Q3, with the crisis around gas prices magnifying headwinds. Lagarde also reiterated that the decision on interest rates will remain data dependent and will be made on a meeting-by-meeting basis.
•Other than the ECB event, US data releases were also noteworthy: Following another revision of the GDP Growth Rate, US economy is now expected to have expanded 2.6% YoY in the July-September period, Durable Goods Orders expanded at a monthly 0.4% in September and Initial Jobless Claims went up by 217K in the week to October 22.
•The EUR/USD pair is trading near the 0.9970, down for the day with the bullish stance in daily chart. The pair stabilized above all main SMAs and stayed firmly above the long-term bearish channel, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
•Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 56. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9940 and below this level will open the gate to 0.9850.

 

[Frano Grgić]

The price closed above $0.99134 which was the resistance level and supply zone that was holding the price for a while.

The breakout was confirmed on Wednesday when the second bullish candle formed and reached $1.00900 level.

The next week on Monday will be the last day in this month which is an important day to watch.

So, if we see Monday close above current price and stay above $0.99134, we will see prices on higher levels in the next few days and weeks.

 

[andengireng]

GBPAUD today as we see here, the price is going to bullish, so it is good if you just follow the trend to make some profits, you can open buy position when the price breaks resistance area at 1.8121 with potential target up to 50 pips above

 

[CDO Markets]

• The EURUSD finished Friday’s session almost flat at around 0.9960s with minuscule gains of 0.02%, the Shared currency recovered some ground against the USD at the New York close, slightly above its opening price.
• Wall Street finished the day with solid gains. Even though the narrative of a possible Federal Reserve pivot circulates in the financial markets, US economic data, particularly inflation, could prove it wrong.
• The US Department of Commerce revealed that the US core PCE expenditure for September expanded by 0.5% MoM, in line with estimates, while the year-over-year reading increased by 5.1%, below expectations but above the previous month’s 4.9%, on Friday. Another report revealed by the US Labor Department reported that the Employment Cost Index (ECI) for Q3 increased by 1.2%, in line with Bloomberg’s estimates, and lower than the second quarter by 1.4%.
• The EUR/USD pair is trading near the 0.9965, unchanged for the day with the bullish stance in daily chart. The pair stabilized above all main SMAs and stayed firmly above the long-term bearish channel, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
• Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 56. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9925 and below this level will open the gate to 0.9850.

 

[CDO Markets]

• The single currency remains mired in the negative territory and drags EUR/USD to fresh multi-session lows below 0.9900 region at the beginning of the week. It ended Monday at around 0.9880, neutral to bullish in the daily chart.
• Equities in the US reflect a dampened market mood as traders brace for the Federal Reserve. The US economic data revealed the Chicago PMI and the Dallas Fed Manufacturing Index, both October readings, and disappointed investors. The Chicago PMI missed expectations at 45.2, less than the previous reading. Later, the Dallas Fed Manufacturing Index plunged to -19.2, lower than estimates, showing business conditions deteriorating for the sixth consecutive month.
• In the meantime, the Eurozone reported inflation for Germany, which sharply surprised the upside in October by 11.6% YoY, above estimates of 10.9%, weighing on the bloc’s figures. Meanwhile, the Eurozone Harmonized Index of Consumer Prices rose by 10.7% YoY, exceeding forecasts of 10.3%, but core figures kept unchanged. The core HICP increased by 5% YoY, as estimated.
• The EUR/USD pair is trading near the 0.9880, down for the day with the neutral to bullish stance in daily chart. The pair stabilized above all main SMAs, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0000, break above this level will extend the advance to 1.0100.
• Technical readings in the daily chart support the neutral to bullish stances. The RSI indicators hovering near the midlines and stabilized around 50. The Momentum indicator stabilized in the positive territory, indicating upward potentials. On downside, the immediate support is 0.9850 and below this level will open the gate to 0.9780.

 

[CDO Markets]

Support Level: 0.9852-0.9798-0.9735
Resistance Level: 0.99100.9998-1.0072

Withdrawn After Resistance Encountered at 0.9910 Level...

In the Euro Area, Manufacturing PMI for October, announced today, fell to 46.4 from 48.4. On the US side, the ADP Non-Farm Amendment came in at 239 thousand in October, exceeding the expectations. Accompanied by these developments and with the effect of the resistance at 0.9910, the EURUSD parity is retreating. In the continuation of the pullback, 0.9852 and 0.9798 can be followed as support. In transactions in favor of Euro and pricing above 0.9910 level, 0.9998 and 1.0072 may form resistance.

 

[CDO Markets]

• The euro has recovered modestly on Thursday’s US trading session, bouncing up from the 0.9740 area to reach 0.9760. The pair, however, remains negative on the daily chart and trading nearly 3% down on the week.
• Business activity in the US services sector expanded at a slower pace than expected in October, according to the ISM PMI, which has declined to 54.4 from 56.7 in September, beyond the 55.5 expected by the market. Beyond that, the employment gauge has dropped to 49.1, entering levels consistent with a contraction, from 53.0 in the previous month while the new orders sub-index retreated to 56.5 from 60.6, revealing the uncertainty in the economic conditions.
• The Fed hiked rates by 0.75% for the fourth consecutive time, as widely expected, and suggested that interest rates might peak at higher levels than markets had expected. Fed President Powell’s hawkish comments dampened expectations of a dovish pivot in December and boosted the dollar and US Treasury bonds.
• The EUR/USD pair is trading near the 0.9760, down for the day with the bearish stance in daily chart. The pair struggled below 20 and 50 SMA, indicates bearish strength. Meanwhile, the 20 SMA started turning south and heading towards longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9800, break above this level will extend the advance to 0.9910.
• Technical readings in the daily chart support the bearish stances. The RSI indicators hovering below the midlines and stabilized around 44. The Momentum indicator stabilized below the midline, indicating downward potentials. On downside, the immediate support is 0.9700 and below this level will open the gate to 0.9630.

 

[Frano Grgić]

The Monday candle has closed below support level and continued to move down in the following days.

On Tuesday we have a bearish Pin bar suggesting move down after testing the previous support now as a resistance at $0.99134.

Weekly candle has closed as a bullish Pin bar on the critical level at $0.99134.

The next level for the bulls is $1.00400 on a weekly time frame and daily time frame.

 

[mrumairsss]

• The euro has recovered modestly on Thursday’s US trading session, bouncing up from the 0.9740 area to reach 0.9760. The pair, however, remains negative on the daily chart and trading nearly 3% down on the week.
• Business activity in the US services sector expanded at a slower pace than expected in October, according to the ISM PMI, which has declined to 54.4 from 56.7 in September, beyond the 55.5 expected by the market. Beyond that, the employment gauge has dropped to 49.1, entering levels consistent with a contraction, from 53.0 in the previous month while the new orders sub-index retreated to 56.5 from 60.6, revealing the uncertainty in the economic conditions.
• The Fed hiked rates by 0.75% for the fourth consecutive time, as widely expected, and suggested that interest rates might peak at higher levels than markets had expected. Fed President Powell’s hawkish comments dampened expectations of a dovish pivot in December and boosted the dollar and US Treasury bonds.
• The EUR/USD pair is trading near the 0.9760, down for the day with the bearish stance in daily chart. The pair struggled below 20 and 50 SMA, indicates bearish strength. Meanwhile, the 20 SMA started turning south and heading towards longer ones, suggests bears not exhausted yet. On upside, the immediate resistance is 0.9800, break above this level will extend the advance to 0.9910.
• Technical readings in the daily chart support the bearish stances. The RSI indicators hovering below the midlines and stabilized around 44. The Momentum indicator stabilized below the midline, indicating downward potentials. On downside, the immediate support is 0.9700 and below this level will open the gate to 0.9630.View attachment 23063

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[CDO Markets]

• EURUSD advances for the second session in a row and gains around three cents since last week’s lows around 0.9730, always against the backdrop of the persistent sell-off in the greenback. It ended the day at around 1.0030, bullish in the daily chart.
• Indeed, the dollar remains offered as market participants continue to gauge the mixed results from Friday’s US Payrolls as well as recent Fedspeak leaning towards an impasse in the Fed’s normalization process.
• Meanwhile, all will come down to this week's inflation data from the US. Currently, the markets are of the mind that the US economy is slowing enough to allow the Federal Reserve to ease its rate-hiking pace and the ongoing speculation that China may ease COVID restrictions.
• The EUR/USD pair is trading near the 1.0030, up for the day with the neutral to bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
• Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 58. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 0.9900 and below this level will open the gate to 0.9800.
• 

 

[CDO Markets]

•EURUSD rallied in a broad risk-on setting, taking out the Monday highs for a fresh high for the week, eating into shorts from the prior. At the time of writing, the pair is ducking below 1.0096 highs into 1.0078 but remains a good 100 pips above the lows of the day.
•Investors cheered the prospects of gridlock in US politics as the US midterm election voting got underway with results expected later tonight in the US hours. Investors are hoping for a political gridlock that could prevent radical policy changes and for a slowdown in the pace of rate hikes from the Federal Reserve.
•As for the Fed, there were no officials slated during the midterm elections although there will be plenty to go on between speakers and data before the December 13-14 meeting. However, for this week, the US Consumer Price Index will be critical.
•The EUR/USD pair is trading near the 1.0076, up for the day with the neutral to bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA started turning north and heading towards longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0100, break above this level will extend the advance to 1.0200.
•Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 60. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 0.9970 and below this level will open the gate to 0.9900.

 

[Frano Grgić]

The price formed a strong bullish engulfing bar breaking $1.01368 resistance level.

On Friday the price returned down close to $1.01368 and tested this demand zone as a support and then returned back up and broke the $1.02669 resistance level.

Week ahead will show some price fall to the first support at $1.02669 and probably to $1.01368 as a weekly support level.

The $1.03920 is the zone that will confirm an uptrend for the EURUSD after the price broke outside from the downtrend.

 

[CDO Markets]

•The Euro finished the week on a higher note, following the release of a soft inflation report in the United States, as informed by the Department of Labor October’s CPI report. Therefore, the Euro continued its advance, as the EURUSD gained 1.42%, exchanging hands at 1.0352.
•Wall Street finished the week with solid gains. The US inflation report on Thursday showed that core CPI, closely followed by the Federal Reserve, eased from 6.6% YoY in September to 6.3%, well below estimates. Meanwhile, the University of Michigan (UoM) Consumer Sentiment for November tumbled to a four-month low from 59.5 to 54.7, as reported on Friday. Delving the UoM poll, inflation expectations for the one-year horizon increased to 5.1%, while the five to 10-year horizon jumped from 2.9% to 3%.
•Aside from this, a tranche of European Central Bank (ECB) policymakers crossed newswires and kept its hawkish stance, bolstering the Euro. ECB member Robert Holtzman said he would vote for a 50 or 75 bps hike at the December meeting, while the ECB Vice-President Luis De Guindos said that a technical recession in the Eurozone is likely, and added that markets overreacted to US CPI.
•The EUR/USD pair is trading near the 1.0352, up for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0370, break above this level will extend the advance to 1.0500.
•Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 68. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0200 and below this level will open the gate to 1.0100.

 

[CDO Markets]

•The EURUSD pair erased intraday losses after climbing back to the 1.0350 zone. Earlier the pair bottomed at 1.0270 but then the Greenback lost momentum across the board, triggering the rebound.
•The Dollar pulled back during the American session even as US yields moved higher. The US 10-year stands at 3.89% and the 2-year at 4.43%. Equity prices in Wall Street are moving off highs. In the Eurozone, data released on Monday showed a bigger-than-expected increase in Industrial Production. On Tuesday, data to be released includes Q3 employment, GDP and confidence.
•EURUSD holds onto most of recent gains that followed the release of the October US Consumer Price Index that boosted expectations of a less aggressive Federal Reserve. On Tuesday, the Producer Price Index is due and could impact markets. More signs of a slowdown in inflation could weigh further on the dollar, while the contrary could prompt a steep correction of the dollar.
•The EUR/USD pair is trading near the 1.0350, unchanged for the day with bullish stance in daily chart. The pair stabilized above 20 and 50 SMA, indicates bullish strength. Meanwhile, the 20 SMA continued accelerating north and developing above longer ones, suggests bulls not exhausted yet. On upside, the immediate resistance is 1.0370, break above this level will extend the advance to 1.0500.
•Technical readings in the daily chart support the bullish stances. The RSI indicators hovering above the midlines and stabilized around 68. The Momentum indicator stabilized above the midline, indicating upward potentials. On downside, the immediate support is 1.0270 and below this level will open the gate to 1.0200.