mlawson71 wrote: Fri Mar 22, 2019 3:11 am :!:
I managed to trade the pullback from 1.1450 at least though I missed the rally. Oh well, at least I got something out of it.

Excellent work Mr Lawson.

Now EURUSD is correcting. We might have to jump in and go long again soon hey bro? :P

Jimmy wrote: Fri Mar 22, 2019 3:20 am
Excellent work Mr Lawson.

Now EURUSD is correcting. We might have to jump in and go long again soon hey bro? :P

EUR is to retest towards multiyear trendline again, before new long positions will be added by institutional traders, may take a bit more time at this trendline, i think.

may be today's dip in european session is the last run down towards this trend line, only price action tomorrow can tell it though.

EUR/USD plummets below 1.1300 on poor data

• Spot FX loses further momentum and breaks below 1.1300.
• German flash PMI expected at 44.7 in March.
• EU Leaders Summit, Brexit remain in centre stage.

The selling pressure around the shared currency is now gathering traction and drags EUR/USD to fresh daily lows in sub-1300 levels.

EUR/USD weaker on data

Spot remains well on the defensive today and trades in multi-day lows after advanced German manufacturing PMI is expected at 44.7 in March, prolonging the downside momentum in domestic fundamentals and reinforcing the view of the slowdown in the region.

Additional data saw French manufacturing PMI also coming in below expectations at 49.8, also slipping back into the contraction territory.

The shared currency, in the meantime, has faded the initial optimism and has resumed the downside in the wake of the disappointing set of poor results in the euro area ahead of the speech by ECB’s Angeloni and another day at the EU Leaders Summit, where Brexit remains in the centre of the debate.

What to look for around EUR

Market participants have left behind the recent and renewed dovish stance from the ECB, focusing instead on the broad risk-appetite trends and USD-dynamics as the main drivers of the price action. Looking to the broader picture, the performance of the economy in the region should remain in centre stage along with prospects of re-assessment of the ECB’s monetary policy. In this regard, it is worth mentioning that investors keep pricing in the first rate hike by the central bank at some point in H2 2020. On the political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections, where the focus of attention will be on the potential increase of the populist option among voters.

EUR/USD levels to watch

At the moment, the pair is down 0.68% at 1.1295 facing the next support at 1.1234 (low Feb.15) seconded by 1.1215 (2018 low Nov.12) and finally 1.1176 (2019 low Mar.7). On the flip side, a breakout of 1.1448 (high Mar.20) would target 1.1478 (200-day SMA) en route to 1.1514 (high Jan.31).


Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-p ... 1903220850 (Article)

Jimmy wrote: Fri Mar 22, 2019 3:20 am
Excellent work Mr Lawson.

Now EURUSD is correcting. We might have to jump in and go long again soon hey bro? :P

I was thinking about that but I didn't. Not because I didn't want to but because I had internet connection issues for the past 10 hours. And good thing that happened because look at that new drop to 1.1275. :shock:

mlawson71 wrote: Sat Mar 23, 2019 2:01 am

I was thinking about that but I didn't. Not because I didn't want to but because I had internet connection issues for the past 10 hours. And good thing that happened because look at that new drop to 1.1275. :shock:

Phew. Good thing you held out.
Here is the forecast for this week.

Euro Weekly Technical Outlook: EURUSD Rejected by 200-DMA Again


The 200-day moving average refuses to yield to any EURUSD uptick and for the third time this year sent the pair lower after being challenged. EURUSD now trades back below the 20- and 50-day moving averages as well and currently trades either side of the 1.1300 line, and area that prompted rebounds over the last 4-5 months. While this area has been broken before, it remains to be seen if EURUSD will move lower again, especially as Wednesday’s high broke a pattern of lower highs for the first time this year, taking one negative technical indicator off the table. A confirmation that the pair are losing downside momentum would be confirmed if the March 7 low at 1.1176 remains in place, sparking a bullish higher low. Horizontal support kicks-in at 1.1232 (February 15) before 1.1215 (November 12, 2018). Initial resistance between 1.1320 and 1.1350.

Source: https://www.dailyfx.com/forex/technical ... Again.html

mlawson71 wrote: Sat Mar 23, 2019 2:01 am

I was thinking about that but I didn't. Not because I didn't want to but because I had internet connection issues for the past 10 hours. And good thing that happened because look at that new drop to 1.1275. :shock:

probably you need this effect of USD to wane before any currency can recover

rijay wrote: Mon Mar 25, 2019 4:29 pm probably you need this effect of USD to wane before any currency can recover

puahahaha

rijay wrote: Mon Mar 25, 2019 4:29 pm

probably you need this effect of USD to wane before any currency can recover

Hahahaha that picture. Poor JPY.

EUR/USD remains on the defensive


According to Karen Jones, analyst at Commerzbank, EUR/USD pair remains on the defensive following its rejection last week from the 200 day ma at 1.1473 and has gone into consolidation mode.

Key Quotes

“We suspect that it is trying to base but needs to do more work – once above the 200 day ma this will target the 1.1570 January high together with the 55 week ma at 1.1609. We view 1.1176 as an interim low in place. Initial support lies at 1.1216 November low ahead of 1.1176 low.”

“Long term trend (1-3 months): Completed a falling wedge – target the 55 week ma. Then the 1.1815 September 2018 high on route to 1.2000.”

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-r ... 1903270642 (Article)

It looks like it will depreciate back to 1.1200, likely until the end of the week.