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U.S. Dollar Strengthened Against Euro And Pound – Now What?

Dear Traders,

The euro came down from its most recent high at 1.1720 while Tuesday’s decline in the EUR/USD was mainly due to a strengthening U.S. dollar. We now turn our focus to a day trading range between 1.1685-1.1630 and keep tabs on price breakouts either above or below that range in order to evaluate profitable trading chances in the near-term. If the euro is able to overcome the 1.1715-hurdle again, we expect accelerated bullish momentum towards 1.1820. As for the bears, the 1.1510/00-level remains of crucial importance in terms of a profitable breakout level.

The only piece of economic data today will be U.S. Durable Goods Orders at 12:30 UTC.

The British pound depreciated against the greenback and tested the 1.32-support level. As long as 1.32 holds we turn our focus to a break above the 1.33-handle. Below 1.3190 however, the pound may suffer further losses towards 1.3150 and 1.3070.

Bank of England governor Mark Carney is scheduled to speak about the Financial Stability Report today at 8:30 UTC although he is not expected to drift too far from the subject. Thus, the impact on the pound could be less significant.

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Copyright © All Rights Reserved 2018 Maimar-FX.

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Pound Surges On BoE Rate Hike Speculation

Dear Traders,

The Bank of England delivered a hawkish twist at yesterday’s BoE meeting and the British pound responded with a short squeeze towards 1.3270. The MPC voted 6-3 to hold rates steady, but the fact that there were three dissents voting in favor of an immediate rate hike leaves room for speculation about a rate increase in August. Thus, odds for a rate hike at the next BoE decision in August have increased to 45 percent from 33 percent, which in turn pushed the pound sterling towards higher price levels.

Following yesterday’s short squeeze, we may now see some consolidated movement between 1.33-1.32. If the pound is, however, able to overtake the 1.33-handle we expect a higher resistance at 1.34. Traders should generally expect more strength in the pound as we approach the BoE August meeting.

As for the U.S. dollar, the last trading session was dominated by intense selling pressure with prices rebounding off an 11-month high. We will keep tabs on the technical picture but will also take into account volatile fundamental themes such as escalating trade tensions between the US and China which are continuing to roil the markets in the near-term.

The euro benefited from the selling pressure in the greenback and recovered some losses after sellers got shy as the euro approached the 1.15-boundary.

Technically speaking, we still see the EUR/USD confined to a sideways trading range between 1.17 – 1.15.  As long as this range holds, the outlook remains neutral. For the bias to slightly shift in favor of the bulls, we would need to see a sustained break above 1.1730 with higher resistances coming in at 1.1850 and 1.19.

Have a beautiful weekend.

 

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

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

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

 

EUR/USD: Upcoming Bullish Breakout?

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Risk Aversion Leads To EUR And GBP Sell-Off

Dear Traders,

The fragility of the European Union is back in the spotlight and there seems to be nothing that could stop the euro from falling. The euro broke below crucial support levels against the U.S. dollar and fell to the weakest level in ten months. Whether the euro will extend its tailspin towards 1.1420 or even 1.1350 remains to be seen and hinges on the risk aversion in the market. As soon as risk aversion gives way to a greater risk appetite, the euro may find the strength to recover some of its losses.

The same applied to the British pound, which fell victim to increased risk aversion in the market and dropped towards $1.32. As long as the cable remains below 1.33 we focus on a lower target at 1.3180/70. On the topside, we see a current resistance at 1.3350. For sterling bears, Tuesday has been a very profitable trading day with our short signal providing twice a good profit.

The focus now turns to U.S. data such as the GDP report, scheduled for release today at 12:30 UTC. Greater attention, however, will be paid to the U.S. NFP report Friday. Today’s ADP Employment Change (12:15 UTC) could provide a foretaste of what to expect on Friday.

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/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

EUR And GBP: Bearish Bias Persists

Dear Traders,

The euro traded within a 50-pip range between 1.1750 and 1.17 but despite that limited price range we were able to book a good profit with our daily long signal. Looking ahead, there are no major economic reports out of the eurozone in the next days, which is why we keep tabs on the technical picture in the EUR/USD. As long as the euro remains below 1.1790 and 1.1830, we favor a bearish stance in this pair.

The pound sterling rose to a high of 1.3422 after U.K. retail sales came in better-than-expected. However, that report was not enough to trigger a sustained recovery in the pound given that rate hike expectations are unchanged. Thus, the risk remains tilted to the downside.

With the GBP/USD trading below 1.34 and more importantly below 1.3430, the cable maintains its bearish bias, suggesting that sterling prices may continue to fall. We will wait for price breaks below 1.3360 and 1.3340 to anticipate further losses. Lower targets are seen at 1.33 and 1.3270.

Today, traders will watch the U.K. GDP report at 8:30 UTC and U.S. Durable Goods Orders at 12:30 UTC.

We wish you a beautiful weekend or long-weekend for those who have a holiday on Monday.

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/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co