May 20th 2022: Pandemic Low of $1.0638 Eyed as Resistance on EUR/USD
- Daily Report, Technical Analysis, Trending Now
- May 19, 2022
Charts: Trading View (Italics: Previous Analysis) EUR/USD: EUR/USD bulls entered an offensive phase on Thursday amidst broad USD softness. The US Dollar Index (USDX) plunged 1 per cent by the close of Europe, driven lower by US Treasury yields navigating south across the curve. Evident from the weekly timeframe, EUR/USD buyers remain in the driving
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Demand for safe-haven bids materialised Wednesday amid sharp selling across European and US equities. The US dollar—measured by the US Dollar Index—also witnessed modest buying and longer-dated US Treasury yields jolted lower. Europe’s single currency rotated south against its US counterpart, consequently trimming a portion of Tuesday’s 1.1
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Amidst broad dollar enthusiasm, Thursday watched EUR/USD extend lower and erase 1.4 per cent into the European close. Technicians adopting a multi-timeframe view are unlikely surprised by recent events. Weekly Quasimodo supports at $1.0467 and $1.0517 failed to spark bullish interest and subsequently gave way yesterday. Territory beneath
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Despite annual US consumer prices remaining at multi-decade tops in April, Europe’s shared currency finished Wednesday largely muted against its US counterpart. As a result, our higher timeframe outlook remains unchanged: A bearish flag pattern remains plotted on the daily timeframe. Technicians will recognise that a flag is
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: EUR/USD continues to exhibit difficult trading conditions, consequently establishing a bearish flag pattern on the daily timeframe. Technicians will recognise that a flag is considered a continuation signal, which assuming a breakout to the downside in this case, could watch daily flow take aim at daily Quasimodo support
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Risk aversion gripped financial markets on Monday; equities were entrenched in a broad sell-off which elevated volatility and permitted the US dollar, as measured by the US Dollar Index (USDX), to refresh multi-year tops heading into London hours. Ultimately, as of current prices on EUR/USD, modest upside materialised
READ MOREXJO WEEKLY: Last week’s low saw the retest of the 6890 completed, with a high close in the range.
READ MORECharts: Trading View (Italics: Previous Analysis) US Dollar Index (Daily Timeframe): Upside momentum faded considerably in the first full week of May, in spite of eking out a modest 0.4 per cent gain as well as unearthing a fifth consecutive week in positive territory and refreshing multi-year pinnacles. Through the relative strength index (RSI), we
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: US Treasury yields rising across the curve—refreshing multi-year pinnacles—and the US Dollar Index (USDX) advancing more than 1 per cent as major US equity indexes plunged depressed any upside attempt on EUR/USD Thursday. Technically, recent downside should not surprise. Thus far, weekly Quasimodo supports between $1.0467 and $1.0517
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Ahead of the FOMC minutes, chart studies paint an interesting picture. Buyers and sellers continue to battle for position around weekly Quasimodo supports between $1.0467 and $1.0517. This follows a one-sided tumble last week (2.4 per cent) that engulfed the pandemic low of $1.0638 (March 2020) to a
READ MORECharts: Trading View (Italics: Previous Analysis) EUR/USD: Following a dismal week of trading for Europe’s common currency (down 2.4 per cent), EUR/USD eked out modest losses on Monday. Over the course of last week, the currency pair navigated through the pandemic low of $1.0638 (March 2020) to a multi-year low of $1.0471. In light of
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