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  • EUR/USD – Euro Turning Bullish Against the US Dollar?

    EUR/USD – Euro Turning Bullish Against the US Dollar?

    • – The Euro traded higher against the US Dollar and moved above the 1.0640 resistance area.
    • – There is a major bullish trend line formed on the 4-hours chart of EUR/USD with support on the downside at 1.0620-00.
    • – Today, the US employment, NFP and unemployment figures will be released by the US Department of Labor, which may impact the EURUSD pair.

     

    US NFP and Spanish Unemployment Change

    Today in the US, the NFP, Average Hourly Earnings and unemployment figures will be released by the US Department of Labor. The market is aligned for positive numbers in Nov 2016. Let us wait and see how the actual result is, and its impact on the greenback.

     

    Today in the Euro Zone, the Spanish Unemployment Change, which shows the number of unemployed workers added during the previous month was released by the Spanish Government. The market was expecting a chance of -25.8K in Nov 2016, compared with the last change of 44.7K.

     

    However, the result was disappointing, as the Spanish Unemployment Change came in at 24.8K. The report added that the “number of permanent contracts increased by 16.6% year on year, more than double what they grow temporary contracts, 7.9%. The cumulative decrease of unemployment since the beginning of the year is 303,685 unemployed, most of the historical series in November”.

     

    Overall, the outcome was not as the market expected, which may push the EURUSD pair a few pips down in the short term.

     

    EUR/USD Technical Analysis

    The Euro after struggling a lot around the 1.0640 resistance area against the US Dollar finally broke higher. There was a break above the resistance area and the 100 simple moving average (H4).

     

    EUR/USD Technical Analysis Euro Dollar

     

    The EUR/USD pair traded as high as 1.0689, and started correcting lower. The pair is currently finding bids near the 100 simple moving average (H4). Any further declines may take the pair towards the 23.6% Fib retracement level of the last wave from the 1.0552 low to 1.0689 high.

     

    Moreover, the broken resistance area above 1.0600 may now act as a support if the pair moves down. Overall, it looks like the EUR/USD pair remains supported on the downside and could face bids around 1.0620-40.

     

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  • EUR/USD – Can Euro Extend Recovery Above 1.0950 Vs Dollar?

    EUR/USD – Can Euro Extend Recovery Above 1.0950 Vs Dollar?

    • – The Euro after trading as low as 1.0850 against the US Dollar found support, and started a recovery.
    • – There is a monster resistance near 1.0950 and 1.1000 where the Euro buyers may face a lot of offers.
    • – Today in the Euro Zone, the Spanish and French GDP figures were released, which failed to ignite a rally in EUR/USD.

     

    Spanish and French GDP

    Today, the Euro Zone saw a couple of important GDP releases in France and Spain. First, the French Gross Domestic Product, which is a measure of the total value of all goods and services produced by France was released by INSEE.

     

    The market was prepared for a growth rate of 0.3% in the GDP in Q3 2016, compared with the previous quarter. However, the result was a bit lower, as the GDP increased 0.2%. The yearly change in the GDP was 1.1%.

     

    Later, the Spanish Gross Domestic Product was released by the National Institute of Statistics. The GDP grew by 0.7% in Q3 2016, compared with the previous quarter just as the market expected. The yearly change was even better, as there was an increase of 3.2%, compared with the forecast of 3.1%. Overall, the results were mixed, and as a result, there was no major upside move in the Euro during the London session today.

     

    EUR/USD Technical Analysis

    The Euro this past week suffered heavy losses against the US Dollar to trade towards 1.0850. This week it started a recovery, but finding sellers near a major resistance area at 1.0950.

     

    Euro EUR/USD Technical Analysis

     

    The highlighted resistance area represents the 23.6% Fib retracement level of the last drop from the 1.1275 high to 1.0850 low. Moreover, the same level was a support earlier, and now acting as a resistance.

     

    If at all the EUR/USD pair manages to close above the 1.0950 resistance, the next barrier would be around a bearish trend line on the daily chart at 1.10. In short, we can say that there are many crucial hurdles on the way up for the pair, and it won’t be easy for the Euro bulls to continue with the current recovery.

     

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  • EUR/JPY – 114.00 is Significant Resistance for Euro

    EUR/JPY – 114.00 is Significant Resistance for Euro

    • The Euro managed to recover against the Japanese yen recently, but remain below a major resistance of 114.00.
    • There is a monster bearish trend line formed on the 4-hours chart of EUR/JPY, which may stop the upside move.
    • The German consumer price index released by the Statistiches Bundesamt Deutschland posted a rise of 0.3% in July 2016, just as the market expected.

     

    German CPI

    Earlier during the London session, the Germany consumer price index figure was reported by the Statistiches Bundesamt Deutschland. The market was expecting the average price change for all goods and services purchased by households for consumption purposes to increase by 0.3% in July 2016, compared with the previous month.

     

    The actual was as expected, as there was a rise of 0.3% in the CPI. In terms of the yearly change, the Germany consumer price index rose 0.4%, which was again in line with the market forecast.

     

    There were a few other releases as well in the Euro Zone, including German GDP and France Nonfarm Payrolls. All reports were positive, and helped the Euro to gain traction.

     

    The Euro is currently trading with a positive bias vs yen, but we need to keep a close watch as there are a couple of important resistance levels aligned on the upside.

     

    EUR/JPY Pair Analysis

    The EUR/JPY pair recently traded as low as 112.33 versus the Japanese yen where the Euro bulls appeared and defended the downside. The pair started recovering and traded above the 23.6% Fib retracement level of the last drop from the 116.91 high to 112.33 low.

     

    EUR/JPY Pair Analysis Euro

     

    No doubt, there are positive signs for the Euro at the moment. However, when I look at the 4-hours chart of the EUR/JPY pair, there is a monster bearish trend line. It can be seen as a resistance and act as a hurdle for more gains in EUR/JPY.

     

    As long as the pair is below the trend line, it may start a reversal. On the other hand, if the Euro bulls succeed in breaking it, then a move towards the 114.60 level is possible.

     

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