mlawson71 wrote: Sun Aug 18, 2019 1:21 am Well, so much about EUR/USD breaking out below 1.1070 this week. Hopefully next week the move south will continue.

Man, tell me about it. The Euro is such a bum currency, just like Aussie dollar
Both are doomed.

EUR/USD looks for direction below 1.1100

• EUR/USD trades unchanged around the 1.1090 region.
• EMU final CPI figures next of relevance in the docket.
• Focus remains on trade, FOMC, Jackson Hole.

The single currency is gyrating around Friday’s close vs. the Greenback, prompting EUR/USD to navigate within a tight range near the 1.1190 area.

EUR/USD looks to data, trade

The offered bias stays unchanged around the shared currency at the beginning of the week, as market participants continue to adjust to last week’s comments by ECB’s Rehn on the upcoming easing measures by the central bank (most likely to be unveiled at the September meeting).

In the meantime, President Trump has once again reiterated that US and China appears quite far from clinching a trade deal, although markets have practically ignored his comments.

Mood in the global markets is slightly biased towards the risk-on trade so far, with yields and most G-10 FX space trading in a sideline theme for the time being.

Later in the session, final July inflation figures in Euroland are expected to match the preliminary readings. Later in the week, it will be all about the FOMC minutes, the Jackson Hole Symposium and the speech by Fed’s J.Powell.

What to look for around EUR

EUR has finally succumbed to the downside pressure and is testing the area below the 1.1100 handle on the back of shrinking ‘repatriation’ forces, renewed buying interest surrounding the buck and expectations of ECB easing. That said, sustained bullish attempts in the pair still look flimsy amidst ECB’s preparations for a fresh wave of monetary stimulus (most likely to be announced in September), including a potential reduction of interest rates, the re-start of the QE programme and a probable tiered deposit rate system. This scenario has been confirmed as of late following poor results from the euro-docket, adding to the unremitting deterioration of the economic outlook in the region. On another front, Italian politics has resurfaced as a source of uncertainty as of late and is expected to weigh on the sentiment sooner rather than later.

EUR/USD levels to watch

At the moment, the pair is gaining 0.01% at 1.1091 and a break above 1.1148 (21-day SMA) would target 1.1227 (55-day SMA) en route to 1.1282 (high Jul.19). On the flip side, the next support emerges at 1.1066 (low Aug.16) seconded by 1.1026 (2019 low Aug.1) and finally 1.0839 (monthly low May 11 2017).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-l ... 1908190624 (Article)

EUR/USD may continue falling this week but for now it is stuck in a sideways consolidation as it often happens on Mondays.

It's still consolidating at the support at 1.1080, I am starting to suspect it may form a double bottom there, which means there may be a new move north.

I give up, trading this pair right now is pointless.

EUR/USD Analysis: bulls getting tired

EUR/USD Current price: 1.1081

• European economies continued to underperform in August, according to Markit.
• Wall Street aimed to open with substantial gains and near its weekly highs.
• EUR/USD under pressure, buyers still defending the 1.1060 region.

The EUR/USD pair got a boost during European trading hours from better-than-expected Markit PMI, surging to a daily high of 1.1112. According to Markit, the German economy continued to underperform in August, although the indexes came in better-than-anticipated. Services output, according to preliminary estimates resulted at 54.4, its highest in seven months, while Manufacturing output came in at 43.6, better than the previous 43.2. For the Union, the indexes were also above the market’s estimates up to 53.4 and 47.0 respectively. The pair retreated from the mentioned high and fell to 1.1063, with no particular catalyst behind the slide, but probably because bulls giving up after yet another failed attempt to recover above the 61.8% retracement of the latest daily slump. The ECB released the Minutes of its latest meeting, which as usual, was a no-event. Policymakers reiterated that the uncertainty related to trade remains, while inflation expectations remain subdued.

The US has just released Initial Jobless Claims for the week ended August 16, which came in at 209K, better than the 216K forecast. Pending of release are the Markit August preliminary estimates for the Manufacturing PMI and the Services PMI. The European Commission will release August Consumer Confidence, foreseen at -7.0 vs. the previous -6.6.

EUR/USD short-term technical outlook

The EUR/USD pair pierced its previous weekly low but bounced once again from the 1.1060 region. The recovery seems to be backed by a sudden improvement in risk appetite, as Wall Street is poised to open firmly higher, while safe-haven assets are on retreat mode. Nevertheless, the failed attempt to recover above the 61.8% retracement of its latest daily decline at around 1.1110, seems to have been quite a discouraging sign for bulls. The 4 hours chart shows that the pair is currently developing below a flat 20 SMA, although not far away from it and still confined to familiar levels. Technical indicators in the mentioned chart have turned lower, the Momentum still trapped within neutral levels, but the RSI indicator accelerating south at around 41, skewing the risk toward the downside.

Support levels: 1.1065 1.1025 1.0980

Resistance levels: 1.1110 1.1150 1.1195

Trend: Down

Source: https://www.fxstreet.com/analysis/eur-u ... streetnews

It seems to be attempting to break out below the double bottom at 1.1050. If it does we will likely see it dropping below 1.1000.

No breakout after all, but at least it finally bounced off from 1.1050 and it will likely keep rising next week.

It's testing 1.1100, it will probably slide back down towards 1.1050 once again.

Does anyone else have a short here?