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Euro Depreciates Against Dollar, Pound With A Tailwind

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Dear Traders,

The U.S. dollar experienced a long-needed recovery against most of its major peers at the beginning of this week while the strongest move was seen against the euro. The EUR/USD dropped below 1.20 and extended its slide towards 1.1950. Whether we will see further losses in this pair remains to be seen and hinges on the appetite for dollars ahead of Friday’s U.S. CPI data.

Unlike the euro, the pound sterling was able to stem the decline and rebounded against the greenback after it marked a recent support at 1.3520. Our assumption of a steeper slide following a break below 1.3540 has been shown to be false, at least for now. We still see a higher likelihood of an extended upside swing after a break above 1.3590. However, if the pound falls back below 1.3530 it may be vulnerable for a break below 1.3520. Lets us be surprised.

Sterling traders should keep an eye on important price barriers shown in the table below.

  Resistances Supports
GBP/USD 1.3590

1.3615

1.3650

 1.3520

1.3490

1.3450

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U.S. Dollar Weaker Ahead Of NFP Report

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Dear Traders,

The euro extended its gains and headed towards 1.21 on the back of a weakening U.S. dollar. Our long entry has thus proved profitable. As stated in our yesterday’s analysis, we now expect the EUR/USD to test the 1.2130/50 area. A current support is however seen at the 1.20-barrier.

The British advanced against the greenback after the 1.35-support proved intact. We now expect a next resistance to come in at around 1.3650/60. If the pound, however, falls back below 1.3490, it may extend its slide towards 1.3450.

Today’s focus will turn to the U.S. Nonfarm Payrolls, scheduled for release at 13:30 UTC. The jobs report is projected to show 190K jobs in December while yesterday’s ADP report exceeded expectations, signaling continued momentum in the U.S. economy.

We wish you a nice weekend.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

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Senate Passes U.S. Tax Bill

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Dear Traders,

The British pound ended the trading day unchanged against the U.S. dollar after it fell to a low near 1.3330. The greenback on the other side, strengthened against most of its peers Tuesday with the exception of the euro. Investors awaited the final votes on the U.S. tax-cut legislation with the House taking another vote on the tax bill this morning.

Once the tax bill is behind us, investors will assess how the bill will impact the U.S. economy in the longer run. While the dollar could receive some fresh boost as investors anticipate the tax bill to add growth in the near-term, the longer-term impact on the economy is less certain.

The EUR/USD broke above 1.1825 and rose towards 1.1850. Whether we will see a run for 1.19 remains to be seen and hinges on the risk appetite for euros amid the year-end liquidity drain. Above 1.1865 we expect further gains towards 1.1920.

The GBP/USD remained within a sideways trading range between 1.3420 and 1.3330.

BoE Governor Carney speaks at a Parliament Hearing in London today at 13:15 UTC. If the pound breaks above 1.3420 we anticipate further gains towards 1.3470. If the pound however drops below 1.3340 it could head for a re-test of the 1.33-support.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

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Euro And Pound Strengthen Amid Sideways Trend

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Dear Traders,

Both euro and British pound slightly recovered against the U.S. dollar at the beginning of this week. Yesterday’s upward movements contribute to keeping the current sideways trading range in both currency pairs EUR/USD and GBP/USD intact.

While we do not expect larger market swings in these final trading days we focus on the technical picture and its crucial support and resistance zones.

EUR/USD: The euro rose above 1.18 but rejected the 1.1835-level. We will now focus on a trading range between 1.1825 and 1.1750. If the euro breaks above 1.1825 we expect further gains towards 1.19. On the downside, we see current support levels at 1.1750 and 1.17.

The German IFO Index is scheduled for release at 9:00 UTC but this report is not expected to have a significant impact on the euro.

GBP/USD: The pound advanced and marked an intraday high at 1.3418. However, as long as we see the cable trading between 1.3475 and 1.3275 we will not pay much attention to the current price action.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

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Markets To Enter Quiet Trading Period

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Dear Traders,

With all major risk events now behind us, there was little movement in the market Thursday as many market participants around the globe are gradually leaving for the Christmas holidays. Given the seasonal liquidity drain we recommend taking profits at smaller targets now or staying on the sidelines, considering a trading break around this period.

The euro weakened against the U.S. dollar after ECB President Mario Draghi sounded cautious about the prospect of higher inflation in the coming months even though the economic outlook remains positive. The ECB unveiled updated economic projections that showed continued growth over the next three years but despite that positive outlook, the central bank is not planning to raise rates anytime soon. In a nutshell, with the ECB still being far from raising rates, euro bulls did not see a reason to push the euro higher -at least not for the time being.

The pound was little changed following the Bank of England’s monetary policy announcement. As expected, the BoE left interest rates unchanged and following the latest BoE rate hike in November, the central is not expected to raise rates in the coming months.

GBP/USD: In short-term time frames we expect the currency pair to trade between 1.35 and 1.33.

EUR/USD: The 1.17-support remains in focus and if the euro drops below that important barrier, we expect further losses towards 1.16. Above 1.1930 however, the euro could head for 1.2050.

We wish you a beautiful and peaceful pre-Christmas period.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

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GBP/USD: Short Traders Benefit From Bearish Tilt

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Dear Traders,

It has been a relatively quiet start to an eventful trading week with the U.S. dollar slightly strengthening against the pound and the euro ahead of the FOMC meeting. The British pound tumbled towards 1.3330 as Brexit optimism fades. While short traders of the GBP/USD were able to book some profit yesterday, the EUR/USD traded little changed and none of our daily signal entries was triggered.

Today’s focus will shift to the U.K. Consumer Price Report due at 9:30 UTC. If inflation comes in higher than forecast, the pound could find its way back towards 1.3430 and 1.3490. As long as the 1.33-support remains intact, we could see some bullish pullback. If 1.33 breaks we expect further losses towards 1.3220.

From the Eurozone, we have the German ZEW Survey scheduled for release at 10:00 UTC.

The EUR/USD is currently tilted to the downside and if the currency pair is unable to break the 1.18- threshold significantly, we expect the euro to test the 1.17-level.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

Will Payrolls Help Or Hurt The Greenback?

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Dear Traders,

It’s payrolls day again and today’s U.S. jobs numbers could matter more than usual as investors assess the possibility of a steeper Federal reserve rate hike path in 2018. While the Fed has established a commitment to gradual monetary policy pacing even under the chairmanship of Mr. Powell, job and wage growth will shape the expectations for 2018 tightening. The central bank is expected to endorse a wait-and-see approach in the first half of the next year after a last rate hike in 2017, which is widely expected to be announced on next week’s Fed meeting.

In short, there is a greater risk of disappointment than an upside surprise when coming to the latest job numbers. If job growth comes in below expectations amid slowing wage growth, the dollar will give up its recent gains. If today’s NFP report surprises to the upside, the dollar will continue to rise amid progress on the tax-cut legislation.

Traders around the world will watch the NFP release at 13:30 UTC.

GBP/USD: The pound rose against the dollar on speculation that Ireland and Britain were close to a Brexit deal. U.K. Prime Minister Theresa May will have time until Sunday to resolve the deadlocked Brexit talks. The GBP/USD jumped back towards 1.3520 after it found support at 1.3320. With the pound trading above 1.3330 we now expect the pair to head for a test of 1.3630/50.

EUR/USD: The euro further declined against the greenback and appears to be headed for a test of the falling trendline of its recent downtrend channel. We anticipate a crucial support area between 1.1740 and 1.1710 and if that threshold remains intact we could see some pullback towards 1.1805 and possibly 1.1850.

We wish you profitable trades for today and a cozy and relaxing winter weekend.

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Additional daily and long-term entries are available for subscribers.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

USD Steady Ahead Of NFP Report

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Dear Traders,

The British pound further weakened and we got what we were looking for in yesterday’s analysis: a breakout of a symmetrical triangle even if it was a relatively small bearish breakout with losses being limited to a low of 1.3357. If the pound remains below 1.34 we expect further bearish momentum driving GBP/USD towards 1.33. For the short-term bias to shift from bearish to slightly bullish it would need a sustained break above 1.35. A higher target would then be at 1.3650.

There was little movement in the EUR/USD Wednesday while none of our entries was triggered. The euro dropped below 1.18 but found some halt at 1.1780. Whether we will see further losses towards 1.17 remains to be seen and hinges on the risk appetite for dollars ahead of tomorrow’s NFP report. For bullish momentum to accelerate it would require a break above 1.1920.

ECB President Mario Draghi will hold a press conference as Chair of the Group of Governors and Head of Supervision (GHOS) today at 16:00 UTC. If he touches on monetary policy the euro could respond with some volatile swings.

Daily Forex signals:

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

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GBP/USD: Upcoming Price Breakouts?

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Dear Traders,

The U.S. dollar slightly advanced against the euro and British pound as investors assessed the impact of proposed tax cuts. The next big risk event on the calendar will be Friday’s U.S. jobs report while the release of the ADP Employment Change (due today at 13:15 UTC) may provide a foretaste of what to expect from Friday’s report.

The pound sterling fell to a low of 1.3370 amid stalled Brexit negotiations but it was finally able to end the trading day above 1.34. Brexit talks will continue today and as long as negotiations do not make sufficient progress the pound could remain under pressure.

GBP/USD

Looking at the technical picture we currently see a higher likelihood of potential price breakouts. Based on a symmetrical triangle in the 4-hour chart, these breakouts could happen to either side. Above 1.3460 we anticipate accelerated bullish momentum driving the currency pair towards 1.3515. Below 1.3415 however, we will focus on further losses targeting at 1.3320.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

Pound Falls Victim To Failure To Reach Brexit Agreement

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Dear Traders,

Yesterday was absolutely none of our favorite trading days as we had to struggle with volatile but choppy swings in the GBP/USD after U.K. Prime Minister May and European Commission President Juncker failed to reach an agreement on Brexit negotiations due to divisions over Ireland. The pound’s performance was disastrous for breakout trades as the pound failed to determine a directional bias, trading choppily sideways between 1.3540 and 1.3410. The pound sterling remains very sensitive to new Brexit headlines and as we enter the final phase of the year when liquidity typically dries out, we must prepare for unexpected price swings and heightened volatility despite low liquidity.

The euro ended the trading day virtually unchanged against the greenback and our short entry has unfortunately proved unsuccessful after bearish momentum faded. We will now focus on a break either above 1.1930 or below 1.1835.

Traders of the GBP/USD should better wait for price breakouts above 1.3565 (bullish) or below 1.3380 (bearish).

Important economic data today:

9:30 UK PMI Report

15:00 USA ISM Non-Manufacturing

(Time zone UTC)

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co