Slobodan Drvenica
Windsor Brokers
EUR/USD
EUR/USD started the week negatively (down 0.7% until early US trading on Monday, in extension of Friday’s 0.8% drop, with total loss of 2.7% since announcement of Trump’s victory on Wednesday.
The single currency has also registered a weekly loss of 1.8% vs dollar, with near term action weighed by large weekly bearish candlestick and formation of bearish engulfing pattern on weekly chart.
Fresh strength of the US dollar pushed the euro to the lowest in over 6 months on Monday, with steep downtrend (bear-leg from 1.0936, Nov 5 lower top) eyeing key med-term support at 1.0601 (2024 low posted on Apr 16).
Firmly bearish daily technical studies add to euro-negative fundamentals (euphoria over expectations of Trump’s measures to strongly boost economic growth / fears of tariffs on imports from the EU), with partial profit-taking to spark limited correction.
Broken Fibo 76.4% (1.0745) to ideally cap, with extended upticks to stall under broken psychological 1.08 supported, now acting as solid resistance, to keep larger bears in play and provide better selling opportunities.
Res: 1.0682; 1.0745;1.0761; 1.0800.
Sup: 1.0601; 1.0516; 1.0495; 1.0448.
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD: Next on the downside comes 0.6500
Further gains in the US Dollar kept the price action in commodities and the risk complex depressed on Tuesday, motivating AUD/USD to come close to the rea of the November low near 0.6500.
EUR/USD pierces 1.06, finds lowest bids in a year
EUR/USD trimmed further into low the side on Tuesday, shedding another third of a percent. Fiber briefly tested below 1.0600 during the day’s market session, and the pair is poised for further losses after a rapid seven-week decline from multi-month highs set just above 1.1200 in September.
Gold struggles to retain the $2,600 mark
Following the early breakdown of the key $2,600 mark, prices of Gold now manages to regain some composure and reclaim the $2,600 level and beyond amidst the persistent move higher in the US Dollar and the rebound in US yields.
Ripple could rally 50% following renewed investor interest
Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. XRP could rally nearly 50% if it sustains a firm close above the neckline resistance of an inverted head and shoulders pattern.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.