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EUR Trading Outlook


 
20.11.2014-17.11.2014 13.11.2014-10.11.2014 6.11.2014-4.11.2014 31.10.2014-27.10.2014 24.10.2014-20.10.2014 17.10.2014-13.10.2014 10.10.2014-8.10.2014 3.10.2014-29.9.2014 26.9.2014-22.9.2014 19.9.2014-15.9.2014 12.9.2014-8.9.2014 4.9.2014-1.9.2014 29.8.2014-25.8.2014 22.8.2014-18.8.2014 15.8.2014-11.8.2014 8.8.2014-4.8.2014 1.8.2014-28.7.2014 25.7.2014-21.7.2014 18.7.2014-14.7.2014 11.7.2014-7.7.2014 3.7.2014-30.6.2014 27.6.2014-23.6.2014 20.6.2014-16.6.2014 13.6.2014-10.6.2014 4.6.2014-2.6.2014 28.5.2014-26.5.2014 23.5.2014-19.5.2014 16.5.2014-12.5.2014 9.5.2014-5.5.2014 2.5.2014-28.4.2014 25.4.2014-22.4.2014 18.4.2014-14.4.2014 11.4.2014-7.4.2014 4.4.2014-31.3.2014 28.3.2014-24.3.2014 21.3.2014-17.3.2014 14.3.2014-10.3.2014 6.3.2014-3.3.2014 28.2.2014-24.2.2014 21.2.2014-17.2.2014 14.2.2014-10.2.2014 7.2.2014-3.2.2014 31.1.2014-27.1.2014 24.1.2014-20.1.2014 17.1.2014-14.1.2014 8.1.2014-8.1.2014 3.1.2014-23.12.2013 19.12.2013-16.12.2013 13.12.2013-9.12.2013 6.12.2013-2.12.2013 29.11.2013-25.11.2013 22.11.2013-20.11.2013 1.11.2013-28.10.2013 25.10.2013-21.10.2013 18.10.2013-14.10.2013 11.10.2013-7.10.2013 2.10.2013-30.9.2013 27.9.2013-16.9.2013 13.9.2013-11.9.2013 23.8.2013-12.8.2013 9.8.2013-5.8.2013 30.7.2013-29.7.2013 25.7.2013-22.7.2013 18.7.2013-15.7.2013 12.7.2013-9.7.2013 28.6.2013-24.6.2013 21.6.2013-19.6.2013 7.6.2013-3.6.2013 31.5.2013-28.5.2013 23.5.2013-20.5.2013 17.5.2013-14.5.2013 10.5.2013-6.5.2013 2.5.2013-30.4.2013 26.4.2013-22.4.2013 16.4.2013-16.4.2013 10.4.2013-25.3.2013 21.3.2013-19.3.2013 15.3.2013-11.3.2013 7.3.2013-4.3.2013 1.3.2013-25.2.2013 22.2.2013-18.2.2013 15.2.2013-12.2.2013 8.2.2013-4.2.2013 1.2.2013-28.1.2013 25.1.2013-21.1.2013 18.1.2013-14.1.2013 11.1.2013-7.1.2013 4.1.2013-2.1.2013

20th November

EUR/USD Modest short covering was the theme in Europe's morning and early NY. EUR was bought vs many of the crosses with AUD,NZD, CAD and JPY the notable standouts. This saw EUR/USD lift from near 1.2410/15 towards 1.2450 before it slipped back near 1.2530 into NY's open. Early NY saw shorts cover more as soft US housing data dented the USD's lift while US yields slipped a bit. Stops above 1.2550 were hit and1.2571 touched before the pair pulled back to hourly support near 1.2520. The dip was bought as EUR/JPY bounced off intra-day support near 147.45 and EUR/CHF rallied after the latest Swiss gold referendum poll showed 47% are opposed. 1.2565 was neared as the FOMC minutes were released. Initial market reaction was deemed dovish and the USD got hit. EUR/USD spiked up to 1.2602 but the gains were quickly given back as USD/JPY rallied above 118.00 and US bond yields rallied. Hourly support near 1.2520 was threatened again but it held. Little bounce was seen and the pair sat just above the support late in the day.

19th November

EUR/USD Europe lifted the pair towards the 1.2540 area as USD longs lightened up after USD/JPY couldn't break the 2014 high. A slight dip saw the pair near 1.2500 into NY's open. The dip was bought as the USD's weakness continued and US bond yields slipped a bit. The pair again lifted towards the overnight high but couldn't break it. The USD recovered and JPY weakened to send EUR/JPY back above 146.50. This saw EUR/USD torn between a rising USD and rising EUR/JPY. The pair ranged 1.2502/1.2532 for a while before eventually making a marginal new high at 1.2545. Little pullback from the high was seen as EUR stayed firm against most major currencies even as EUR/CHF hovered near recent lows. Late in the day EUR/USD sat just above 1.2535. There is little data out of the EZ to drive price action so traders are likely to look to the BoJ and FOMC minutes for their cues. EUR/USD activity may be light until then.

18th November

EUR/USD Asia's rally was short lived and Europe erased the gains after the USD's slide reversed and comments from ECB's Mersch weighed. Mersch noted the theoretical possibility of buying state bonds, gold or shares. EUR/USD slid towards 1.2480 before a slight bounce had it near 1.2500 into NY's open. NY attempted an early lift but couldn't get it back above 1.2510. Comments from ECB's Praet and Draghi then weighed further. Praet was confident that the ECB will hit its 1 trln EURO balance sheet target while also noting the ECB built a strong disconnect with US rates and the ECB wants to keep it that way. Draghi was dovish again & noted additional measures could include further size and composition changes to the b/s. He also noted sov bond buys could be included in the unconventional measures. EUR/USD tanked, cleared the 200-HMA and quickly hit a 1.2445 low. bounces off the low were capped by the 200-HMA (1.2456) and the pair sat just below that average late in the day. Germany's Nov ZEW is the main risk o/n. A weak report likely sees EUR/USD under pressure. We may then see the 2014 low retested.

17th November

EUR/USD Europe rallied EUR/USD from near 1.2430 & pierced the 200-HMA but couldn't hold above it. A drift lower saw 1.2445 as NY got going. Sharp bear pressure was applied early after US retail sales were solid. EUR/USD hit a low of 1.2398 before a bounce near 1.2420 took hold. The above f/c TR/U. of Mich report weighed a bit but when it was clear it wouldn't be enough to inspire another leg up for the USD, longs began covering. This saw EUR/USD shorts scramble to cover. The highs in Asia & Europe were easily cleared before the pair paused briefly near 1.2500. When no serious pullback from that area was seen shorts covered further. Stops above 1.2525/30 were then hit and a high of 1.2546 was made. The USD slide abated somewhat and EUR/USD slipped lower to sit near1.2525 late in the day. Technically the pair looks like it can rally further as a bullish outside candle forms today, day/week RSIs are biased up and we'll see a close above the 10-DMA. Draghi makes a statement at the quarterly hearing of the Committee on Economic & Monetary Affairs. It's likely he'll be dovish and the squeeze may come to an end.


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