Trumps twitter is more volatile than economic calendar. EUR/USD.
The US Dollar index traded sharply lower on Monday. President Donald Trump restored Tariffs on steel and aluminum shipped from Brazil and Argentina ‘effective immediately’. He then went on to criticize the strength of the USD and recurrently call on the FED to lower interest rates. Weak manufacturing data did not help the greenback.
EUR/USD on a Daily TF shows us renewed volatility, on Monday the pair opened with a gap up and tested 1.11 vicinity as resistance as well as 1.10 area as support, and by the end of day chose the upper hand. The pair is using 38.2% Fibo as support, as well as the top of the Ichimoku Cloud, currently trading around 1.10750.
Risk aversion returned to the markets as the phase one of the trade deal between the two largest economies downcurved with renewed uncertainties. President Trump mentioned the possibility of holding off the trade deal til after the November 2020 elections. With December 15th tariff increase deadline looming ahead, confusing headlines on trade and fresh tariff reinstatement - risk off makes sense.
Later today we have the release of anticipated ADP Non-farm payrolls at 1:15pm GMT. This is a great gage to pre-determine the official report on employment scheduled for release on Friday at 1:30pm GMT. The forecast is 15K growth, weaker data is likely to have a greater impact on the pair than a better reading. Later at 3pm GMT ISM will report on US Services PMI.
We would like to remind you that news headlines regarding trade negotiations remain one of key driving factors for EUR/USD.
MACD bullish histogram is increasing, Parabolic SAR pointing up. The price is using top of bullish Ichimoku Cloud as support. We may see further bullish momentum before resuming in the direction of the global trend down.
Resistance: R1 1.11 area, R2 23.6% Fibo 1.11086, R3 1.11285 near trend line. 200EMA is at November highs around 1.11673.
Support: S1 50% Fibo 1.10293, S2 1.10 – 1.09939 61.8% Fibo, S3 1.09812
EUR/USD on a Daily TF shows us renewed volatility, on Monday the pair opened with a gap up and tested 1.11 vicinity as resistance as well as 1.10 area as support, and by the end of day chose the upper hand. The pair is using 38.2% Fibo as support, as well as the top of the Ichimoku Cloud, currently trading around 1.10750.
Risk aversion returned to the markets as the phase one of the trade deal between the two largest economies downcurved with renewed uncertainties. President Trump mentioned the possibility of holding off the trade deal til after the November 2020 elections. With December 15th tariff increase deadline looming ahead, confusing headlines on trade and fresh tariff reinstatement - risk off makes sense.
Later today we have the release of anticipated ADP Non-farm payrolls at 1:15pm GMT. This is a great gage to pre-determine the official report on employment scheduled for release on Friday at 1:30pm GMT. The forecast is 15K growth, weaker data is likely to have a greater impact on the pair than a better reading. Later at 3pm GMT ISM will report on US Services PMI.
We would like to remind you that news headlines regarding trade negotiations remain one of key driving factors for EUR/USD.
MACD bullish histogram is increasing, Parabolic SAR pointing up. The price is using top of bullish Ichimoku Cloud as support. We may see further bullish momentum before resuming in the direction of the global trend down.
Resistance: R1 1.11 area, R2 23.6% Fibo 1.11086, R3 1.11285 near trend line. 200EMA is at November highs around 1.11673.
Support: S1 50% Fibo 1.10293, S2 1.10 – 1.09939 61.8% Fibo, S3 1.09812
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