EURUSD Tests Short Term Major Support
October 17, 2016 10:07 amVideo
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The near term major support level at 1.1000 for EURUSD was broken last Friday, as the dollar strengthened. The next support line, the short term major support level at 1.0950 was tested and held this morning, which provides a strong support. In addition, the daily and 4 hourly Stochastic Oscillators are both below 20, suggesting a rebound. Today we saw the release of the Eurozone CPI and Core CPI (YoY and MoM) for September, in line with expectations, and better than the previous figures. It pulled EURUSD away from the support line at 10950, testing the newly formed resistance level at 1.1000 then pulled back. The current trading pattern is likely to oscillate in the range between 1.0950 and 1.1000. The ECB President Draghi will make a speech at 17:35 GMT today. Be aware of his wording as it will likely influence the strength of the Euro. The key driver for the trend of EURUSD is the strength of the dollar. If the dollar keeps on strengthening, it will weigh on EURUSD. If the bullish momentum of the dollar is becoming weaker, then EURUSD will likely hold above the support level at 1.0950. The resistance level is at 1.1000, followed by 1.1040 and 1.1060. The support line is at 1.0950, followed by 1.0900 and 1.0850. Keep an eye on the US Industrial Production (MoM), and the Capacity Utilization for September, to be released at 13:15 GMT. With better-than-expected readings, EURUSD will likely pull back. With lower-than-expected readings, EURUSD will likely keep on rebounding, and test the resistance level at 1.1000 again. Also keep an eye on the Fed Vice Chair Fischer’s speech, to be released at 16:15 GMT. Be aware of his wording, as it will likely influence the strength of the dollar. USDJPY has broken the short term major downtrend line resistance on 4th October. The trend has turned from bearish into bullish, as the dollar strengthened. The bulls further broke the near term major resistance at 104.00 on 14th and held. The level has become a new support line. Today we saw the release of Japan Industrial Production (YoY and MoM) for August, slightly lower than the previous figures. The current trading pattern is likely to oscillate in the range between 104.00 and 104.50. The resistance level is at 104.50, followed by 105.00 and 105.50. The support line is at 140.00, followed by 103.50 and 103.00. The key driver for the trend of USDJPY is the strength of the dollar. Keep an eye on the US Industrial Production (MoM), and the Capacity Utilization for September, to be released at 13:15 GMT today. With better-than-expected readings, USDJPY will likely rally and test the resistance at 104.50. With lower-than-expected readings, USDJPY will likely pull back and test the support level at 104.00. Also keep an eye on the Fed Vice Chair Fischer’s speech, to be released at 16:15 GMT. Be aware of his wording, as it will likely influence the strength of the dollar.
Source: FX Pro Market Snapshot
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