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  • EUR/USD Forecast – Euro Faces Uphill Task Vs US Dollar

    EUR/USD Forecast – Euro Faces Uphill Task Vs US Dollar

    • – The Euro declined sharply from the 1.1295 swing high against the US Dollar to trade towards 1.1130-20.
    • – The EUR/USD pair broke a monster bullish trend line at 1.1210 on the hourly chart to set a downtrend.
    • – Today in the Euro Zone, the CPI for May 2017 released by the Eurostat posted a decline of 0.1% (MoM).

     

    Euro Zone CPI

    Recently in the Euro Zone, the CPI for May 2017 was released by the Eurostat. The market was positioned for a decline of 0.1% in the CPI compared with the previous month.

     

    However, the actual result was in line with the forecast, as the Euro Zone CPI declined by 0.1% (MoM). Looking at the yearly change, the forecast was an increase of 1.4%, and the result was the same. On the other hand, the Core CPI posted an increase of 1% (YoY), which was better than the forecast of 0.9%. In terms of the monthly change, there was no decline in the Core CPI in May 2017.

     

    The EUR/USD pair may gain bids in the near term, but the 1.1195 and 1.1200 levels remain a major hurdle for buyers.

     

    EUR/USD Technical Analysis

    The Euro declined sharply after the fed interest rate decision, and moved lower by 100 pips from 1.1295 against the US Dollar. The EUR/USD pair traded below a key support area at 1.1210 and traded as low as 1.1131.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    During the downside move, the pair broke a monster bullish trend line at 1.1210 on the hourly chart and the 100 simple moving average. After trading as low as 1.1131, the pair started a recovery and moved above the 23.6% Fib retracement level of the last decline from the 1.1295 high to 1.1131 low.

     

    However, the pair is facing a major challenge near 1.1195 and 1.1200. The stated levels provided support earlier, and may now prevent an upside beak above 1.1210. The 38.2% Fib retracement level of the last decline from the 1.1295 high to 1.1131 low is also at 1.1193 to act as a resistance. Overall, selling rallies near 1.1200 can be opted with a tight stop in the near term.

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  • EUR/GBP Forecast – Euro Forming Double Top Vs British Pound?

    EUR/GBP Forecast – Euro Forming Double Top Vs British Pound?

    • – The Euro jumped higher after testing an important support area at 0.8660 against the British Pound.
    • – The EUR/GBP pair is currently following a nice bullish trend line at 0.8725 on the hourly chart.
    • – Recently in the Euro Zone, the CPI for May 2017 released by the Eurostat posted an increase of 1.4% (YoY), less than the forecast of 1.5% (Preliminary).

     

    Euro Zone CPI

    Today in the Euro Zone, the Preliminary CPI for May 2017 was released by the Eurostat. The market was positioned for an increase of 1.5% in the CPI in May 2017 (Preliminary), compared with the same month a year ago.

     

    However, the actual result was below the forecast, as the Euro Zone CPI increased 1.4%. On the other hand, the Core Euro Zone CPI came in at 1%, just as the market expected. The report stated that “energy is expected to have the highest annual rate in May (4.6%, compared with 7.6% in April), followed by food, alcohol & tobacco (1.5%, stable compared with April), services (1.3%, compared with 1.8% in April) and non-energy industrial goods (0.3%, stable compared with April).”

     

    Overall, the EUR/GBP pair may find it difficult to hold gains above 0.8700, but the 0.8720 support holds the key in the near term.

     

    EUR/GBP Technical Analysis

    The Euro after testing the 0.8750 resistance once against the British Pound moved down sharply. However, the EUR/GBP pair managed to hold losses below the 0.8660 support and started recovering.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair moved up and broke the 0.8680 resistance along with the 100 hourly simple moving average. The upside move was such that the pair retested the 0.8750 resistance, which is once again acting as a barrier for further gains.

     

    On the downside, the 23.6% Fib retracement level of the last wave from the 0.8655 low to 0.8754 high can be seen as a major support. It also coincides with a nice bullish trend line at 0.8725 on the hourly chart. As long as the pair is above the trend line support at 0.8720, there is a chance of a break of 0.8750. On the other hand, a break below 0.8700 could increase the chances of a double top pattern, which may take the EUR/GBP pair well below 0.8660.

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  • EUR/USD Forecast – Euro Looks Primed for Gains Vs US Dollar

    EUR/USD Forecast – Euro Looks Primed for Gains Vs US Dollar

    • – The Euro bounced sharply this week against the US Dollar, and traded above 1.0700.
    • – There is a major bullish trend line with support at 1.0690 formed on the hourly chart of EUR/USD.
    • – Earlier today, the Euro Zone CPI released by the Eurostat for March 2017 (YoY) posted a rise of 1.5%.

     

    Euro Zone CPI

    Today in the Euro Zone, the Consumer Price Index for March 2017 was released by the Eurostat. The market was positioned for the price of goods and services to increase by 1.5% in March 2017, compared with the same month a year ago.

     

    The outcome was in line with the forecast, as the Euro Zone CPI increased 1.5%. In terms of the monthly change, the CPI rose 0.8%, which was a lot more than the last +0.4%. The report added that the “lowest annual rates were registered in Romania (0.4%), Ireland and the Netherlands (both 0.6%). The highest annual rates were recorded in Latvia (3.3%), Lithuania (3.2%) and Estonia (3.0%). Compared with February 2017, annual inflation fell in seventeen Member States, remained stable in six and rose in five“.

     

    Overall, the result was positive, and may help the EUR/USD in trading above the 1.0700 handle in the near term.

     

    EUR/USD Technical Analysis

    The Euro started a decent recovery after finding buyers around the 1.0610 and 1.0620 support levels against the US Dollar. The EUR/USD bounced back and moved above the 1.0670 resistance area. There was even a break above the 1.236 extension of the last wave from the 1.0677 high to 1.0602 low.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    The pair recently traded as high as 1.0736 where it faced resistance and currently moving lower. An initial support is around the 23.6% Fib retracement level of the last wave from the 1.0634 low to 1.0736 high. Moreover, there is a major bullish trend line with support at 1.0690 formed on the hourly chart.

     

    The same trend line also coincides with the 50% Fib retracement level of the last wave from the 1.0634 low to 1.0736 high. So, if the pair corrects lower in the near term, it is likely to find support around the 1.0680 and 1.0670 levels.

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