QuestionEURUSD Technical Analysis: Rising odds for a move lower to 1.1026

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EUR/USD Technical Analysis: Rising odds for a move lower to 1.1026

  • Price action in EUR/USD remains fragile so far this week following the rejection from Monday’s tops in the 1.1160 area.
  • The immediate hurdle in case the upside bias returns to the markets is located at this week’s peak at 1.1163 (Monday) ahead of the Fibo retracement at 1.1186. Above this zone, the 1.1199/1.1206 band, coincident with the 55-day and 100-day SMAs, emerges as a more significant resistance.
  • If the sellers regain the upper hand, a visit to last week’s low at 1.1051 should be back to the horizon ahead of 2019 lows at 1.1026.

Trend: Down :thumbdown:

EUR/USD daily chart
Source: https://www.fxstreet.com/news/eur-usd-t ... 1908291051
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Chart: EURUSD: little changed as Eurozone Prelim CPI steadies at 1.0% y/y in August

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mlawson71 wrote: Fri Aug 30, 2019 12:43 am By the looks of it the pair may finally depreciate towards 1.1000.
Yes, game over for the bulls! :(

EUR/USD little changed as Eurozone Prelim CPI steadies at 1.0% y/y in August


According to Eurostat’s flash reading of Eurozone CPI report, the annual reading came in at 1.0% in August, meeting expectations of 1.0% and 1.0% previous.

Meanwhile, the core figures also remained unchanged at 0.9% in the reported month when compared to 1.0% expectations and 0.9% previous.

Key Details (via Eurostat):

“Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (2.1%, compared with 1.9% in July), followed by services (1.3%, compared with 1.2% in July), non-energy industrial goods (0.4%, stable compared with July) and energy (-0.6%, compared with 0.5% in July).”

The Eurozone inflation report comes a day after the German Prelim CPI data was released, which showed that the German consumer price inflation accelerated by only 1.4% and remained well below the European Central Bank’s (ECB) rate target of just under 2 percent for the Eurozone as a whole.

Separately, Eurozone July unemployment rate was reported at 7.5% vs. 7.5% last.

About Eurozone Prelim CPIs estimate

The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-l ... 1908300902 (Article)
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Chart: EURUSD faces initial resistance at 1.1160

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EUR/USD faces initial resistance at 1.1160


Karen Jones, Team Head FICC Technical Analysis at Commerzbank, noted EUR/USD remains under pressure, while it needs to regain the 1.1321/58 band to reignite upside pressure.

Key Quotes


“EUR/USD came under increasing downside pressure last week and has sold off to the base of its down channel at 1.0941. We have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so caution is warranted. Below here lies the 78.6% retracement at 1.0814”.

“Nearby resistance is the near term downtrend at 1.1160 and the 200 day ma at 1.1275, but key resistance is 1.1328/51, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed to negate downside pressure”.

Sources: https://forex-station.com (Chart) & https://www.fxstreet.com/news/eur-usd-f ... 1909020538 (Article)
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