EUR/USD one-week implied volatility surged to a November 2020 high as the Euro continues to trade in a familiar range. Retail traders are increasing upside exposure, hinting at further losses. Get your market update from ddubrovskyFX here:
. The boundaries of the rectangle seem to be between 1.107 and 1.1495. A breakout to the downside may open the door to resuming the downtrend that preceded the chart formation.
It is also possible that the lower boundary of the rectangle continues to hold as key support, prolonging the consolidative state in the Euro. This is as the 100-day Simple Moving Average continues to hold a downward slope, offering a resistance point that could reinstate the dominant downward focus in the single currency.
Breaking to the downside exposes the 61.8% and 78.6% Fibonacci extensions at 1.1048 and 1.10927 respectively. Beyond that sits lows from April 2020, forming a support range between 1.0727 and 1.0793. In the event of a breakout above the rectangle, that could shift the technical outlook increasingly bullish. Such an outcome exposes the 1.1664 – 1.1692 inflection zone before August highs kick in as resistance.
Given unfolding events in Ukraine, traders ought to treat key breakouts in the Euro with a grain of salt. Over the weekend,
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Euro Price Outlook: EUR/USD Pressured by Widening Rate DifferentialsWith the Federal Reserve sticking to its tightening path, alongside the Bank of Canada who yesterday raised rates by 25bps, focus is once again back on policy divergence with the likes of the ECB. Get your market update from JMcQueenFX here:
Read more »
Euro pinned down as war stokes stagflation fears, soaring commodities help AussieThe euro was pinned near a 21-month low on Thursday by worries that Russia's invasion of Ukraine will hurt European growth, while commodity currencies hit multi-week highs as export prices surged.
Read more »
Euro Price Outlook: EUR/USD Pressured by Widening Rate DifferentialsWith the Federal Reserve sticking to its tightening path, alongside the Bank of Canada who yesterday raised rates by 25bps, focus is once again back on policy divergence with the likes of the ECB. Get your market update from JMcQueenFX here:
Read more »
US Dollar Price Action Setups: EUR/USD, GBP/USD, AUD/USD, USD/CADEUR/USD just set a fresh 20-month low and the USD continues to see a war bid, even with yields falling aggressively as rate hike bets get re-priced in the face of global conflict.
Read more »
EUR/USD remains offered below the 1.1100 mark, looks to Ukraine, PowellThe single currency remains mired in the negative territory and motivates EUR/USD to navigate the lower bound of the range near 1.1170 on Thursday. EU
Read more »
EUR/USD Forex Signal: Bears in Control as EUR Clears SupportThe EUR/USD pair retreated in the overnight session as investors started to predict that the current Russian crisis will push the ECB to slow its tightening.
Read more »