EUR/USD prints weekly lows near 1.1230

• EUR/USD drops below 1.1240, 4-day lows.
• German Economic Sentiment deteriorated further in July.
• US Retail Sales, Fedspeak next of relevance in the day.

The selling pressure around the European currency is now picking up pace and is taking EUR/USD to fresh multi-day lows near 1.1230.

EUR/USD weaker post-ZEW

The pair receded further after the ZEW survey showed the German Economic Sentiment dropped to -24.5 for the current month, missing expectations and extending the negative momentum for yet another month. Still in Germany, the Current Conditions component also ticked lower to -1.1.

On the positive side, the Economic Sentiment in the euro area surprised to the upside at -20.3, while the trade surplus widened to €23.0 billion during May.

Today’s poor results from the calendar add to the ongoing pessimism surrounding the shared currency amidst increasing market chatter of probable rate cuts by the ECB and the most likely scenario of another round of QE.

Later in the NA session, spot will remain under scrutiny via USD-dynamics and the publications of Retail Sales and Fedspeak.

What to look for around EUR

The inability of the pair to clear the important resistance area in 1.1280/90 has encouraged sellers to return to the markets, triggering the ongoing leg lower. Furthermore, occasional bullish attempts in spot should be seen as a short-lived against the backdrop of renewed and increasing speculations of another wave of monetary stimulus from the European Central Bank in the near term, via interest rate cuts (July/September), the resumption of the QE programme and changes in the forward guidance. Also weighing on the currency, the dovish stance from the ECB appears reinforced by the recent appointment of ex-IMF’s C.Lagarde to succeed M.Draghi. On the macro scenario, the slowdown in the region looks unremitting and it also reinforces the current accommodative attitude of the central bank.

EUR/USD levels to watch

At the moment, the pair is losing 0.17% at 1.1238 and faces the next support at 1.1193 (monthly low Jul.9) followed by 1.1181 (low Jun.18) and finally 1.1106 (2019 low May 23). On the flip side, a break above 1.1286 (high Jul.11) would target 1.1321 (200-day SMA) en route to 1.1412 (high Jun.25).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-p ... 1907160942 (Article)

It's almost back to 1.1200 again, I really hope the sideways consolidation will end this week.

EUR/USD attempts a recovery to the 1.1220 region

• EUR/USD met strong support near the 1.1200 handle.
• EMU final June CPI figures next on the docket.
• US housing sector data, Fed’s Beige Book of note across the pond.

The single currency is finally seeing some signs of relief in the middle of the week, taking EUR/USD to the 1.1215/20 band early in the European session.

EUR/USD focused on data, trade

The pair challenged multi-day lows in the boundaries of the 1.1200 handle on Tuesday, where it has apparently met some decent contention and dip-buyers.

Poor releases from the ZEW survey for the current month showed the German morale remains subdued and forced Economic Sentiment to deteriorate further, hurting the sentiment around EUR.

In addition, renewed effervescence around the US-China protracted trade dispute re-emerged after President Trump’s comments, sparking some weakness in the risk-associated complex.

Furthermore, upbeat results from the US docket seems to have removed some tailwinds from a larger rate cut by the Federal Reserve at its July meeting, lending extra wings to the buck and collaborating with the downside in spot.

Later in Euroland, final CPI figures for the month of June are only due along with a speech by BuBa’s J.Weidmann. Across the ocean, the US housing sector will be in the limelight while the Fed is expected to release its Beige Book.

What to look for around EUR

The inability of the pair to clear the important resistance area in 1.1280/90 has encouraged sellers to return to the markets, triggering the ongoing leg lower. Furthermore, occasional bullish attempts in spot should be seen as a short-lived against the backdrop of renewed and increasing speculations of another wave of monetary stimulus from the European Central Bank in the near term, via interest rate cuts (July/September), the resumption of the QE programme and changes in the forward guidance. Also weighing on the currency, the dovish stance from the ECB appears reinforced by the recent appointment of ex-IMF’s C.Lagarde to succeed M.Draghi. On the macro scenario, the slowdown in the region looks unremitting and it also reinforces the current accommodative attitude of the central bank.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.1212 and a break above 1.1286 (high Jul.11) would target 1.1320 (200-day SMA) en route to 1.1412 (high Jun.25). On the downside, the next support emerges at 1.1193 (monthly low Jul.9) followed by 1.1181 (low Jun.18) and finally 1.1106 (2019 low May 23).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-a ... 1907170618 (Article)

It rebounded from 1.1200 yet again after it formed an inverted hammer candlestick on the four-hour time-frame around that level. It'll probably rally back to 1.1250.

EUR/USD challenges 1.1200 on ECB, Italy

• EUR/USD accelerates the decline to 1.1200, daily lows.
• Spot lost momentum near the 100-day SMA around 1.1250.
• ECB could revamp its inflation target.

After climbing to fresh tops in the vicinity of 1.1250, EUR/USD has now given away those gains and refocus its trade to the 1.1200 neighbourhood.

EUR/USD weaker on ECB

The European currency has quickly lost upside momentum after news cited the probability that the ECB could revamp its inflation target. Also hurting the sentiment in EUR, 5-S Movement’s L.Di Maio hinted at the likeliness that the Lega wants to topple the government.

Spot rapidly left the area of session tops in the mid-1.1200s, coincident with the key 100-day SMA, and is now trading at shouting distance from weekly lows around the 1.1200 area.

Renewed selling interest has been hurting the buck in past hours on the back of poor results from the US housing sector and fresh US-China trade jitters, lending extra support to the riskier assets and at the same time helping spot to rebound from as low as the 1.1200 handle.

What to look for around EUR

The inability of the pair to clear the important resistance area in 1.1280/90 has encouraged sellers to return to the markets, triggering the recent test of the 1.1200 neighbourhood, where some support appears to have resurfaced. Further out, occasional bullish attempts should be seen as a short-lived against the backdrop of renewed and increasing speculations of another wave of monetary stimulus from the European Central Bank in the near term, via interest rate cuts (July/September), the resumption of the QE programme and changes in the forward guidance. Also weighing on the currency, the dovish stance from the ECB appears reinforced by the recent appointment of ex-IMF’s C.Lagarde to succeed M.Draghi. On the macro scenario, the slowdown in the region looks unremitting and it also reinforces the current accommodative attitude of the central bank.

EUR/USD levels to watch

At the moment, the pair is losing 0.11% at 1.1211 and faces the next support at 1.1193 (monthly low Jul.9) followed by 1.1181 (low Jun.18) and finally 1.1106 (2019 low May 23). On the flip side, a breakout of 1.1286 (high Jul.11) would target 1.1319 (200-day SMA) en route to 1.1412 (high Jun.25).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-c ... 1907181103 (Article)

It bounced off from 1.1200 again, I think after a small correction it should test that support again.

Sideways consolidation clearly continues and won't end this week.

It did last all week. Is there any info about fundamentals that could end it next week?

mlawson71 wrote: Sun Jul 21, 2019 1:33 am It did last all week. Is there any info about fundamentals that could end it next week?

Yep, the Fed rate cut! Stupid currency pair this EURUSD, it's so dead

EUR/USD unchanged around 1.1220 ahead of ECB, Fed

• EUR/USD trades near Friday’s close in the 1.1220 region.
• The pair is seen sidelined ahead of Thursday’s ECB event.
• Fed rate cut, ECB easing remain in centre stage.

The shared currency remains directionless at the beginning of the week, taking EUR/USD to the 1.1220 region, close to Friday’s close.

EUR/USD focused on ECB, Fed

Following Friday’s bearish ‘outside day’ spot is now looking for direction amidst the generalized sideline theme prevailing in the global markets.

In the meantime, the pair has once again failed in the key 1.1280/90 band, where sits the 21-day SMA, sparking some selling pressure although well contained by the 1.1200 zone for the time being.

EUR is expected to remain under scrutiny this week in light of the critical ECB event on Thursday, where extra measures of monetary stimulus could be announced. In addition, preliminary PMI prints are due in Core Euroland for the current month, keeping the attention intact around the single currency.

What to look for around EUR

The inability of the pair to clear the important resistance area in 1.1280/90 has encouraged sellers to return to the markets, triggering several tests of the 1.1200 handle, albeit failing to move further south. Further out, occasional bullish attempts should be seen as a short-lived against the backdrop of renewed and increasing speculations of another wave of monetary stimulus from the European Central Bank as early as this week’s meeting, including interest rate cuts, the resumption of the QE programme and potential changes in the forward guidance.

EUR/USD levels to watch

At the moment, the pair is retreating 0.06% at 1.1213 and faces immediate contention at 1.1193 (monthly low Jul.9) followed by 1.1181 (low Jun.18) and finally 1.1106 (2019 low May 23). On the upside, a breakout of 1.1286 (high Jul.11) would target 1.1315 (200-day SMA) en route to 1.1412 (high Jun.25).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-u ... 1907220630 (Article)

ChuChu Rocket wrote: Mon Jul 22, 2019 5:23 pm Yep, the Fed rate cut! Stupid currency pair this EURUSD, it's so dead

Looks like you are really frustrated. Just looked at the chart and for nearly 186 days its in sideways !!!

Well, tomorrow is one of the d-day and with the new British PM, sure you may see some movement. But I have a strong feeling, the real movement will be in September after the Brexit (if that ever happens).

At the moment, the pair that really moves is GBPNZD, no idea why but that's what I see on the chart. !!!