• Latest
  • Trending
  • All
A slow start to the week in FX markets

Euro bounces amid leak from ECB forecasts

September 9, 2020 10:15
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Tuesday, February 7, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Euro bounces amid leak from ECB forecasts

Euro bounces amid leak from ECB forecasts

by Joseph Deen
September 9, 2020 10:15
in Technical analysis
0
A slow start to the week in FX markets

The common currency is yet to confirm a recovery above 1.18 on a daily closing basis


EURUSD
EURUSD bounced strongly in recent trading and has settled above the 1.18 handle since then. The reason behind a sharp recovery was a leak from the ECB forecasts reported by Bloomberg. According to the obtained information, the central bank policy makers could express more confidence in their economic forecasts. Earlier, there were speculations that the regulator may express a dovish tone and add to the selling pressure surrounding the common currency. However, the latest bounce could attract more sellers in the short term as the overall dollar demand persists. As such, the pair is yet to confirm a recovery above 1.18 on a daily closing basis. Should the ECB strike a more optimistic tone on Thursday, EURUSD will likely stage a more impressive and sustainable rally. 


GBPUSD 
Cable remains on the defensive amid a combination of a stronger dollar and Brexit-related uncertainty. The pair extended intraday losses to late-July lows around 1.2885 and bounced partially since then. As of writing, the pound was changing hands around the 50-daily moving average that was derailed for the first time in over two months. Should dollar demand persist, the pair could resume the decline and target the 200- and 100-DMAs that arrive at 1.2740 and 1.2680, respectively. If GBPUSD manages to cling to the 50-DMA and see a more robust bounce, the initial hurdle for bulls should be expected at the 1.30 psychological level.


USDJPY 
USDJPY turned marginally higher on the day after an earlier dip to 105.80. The pair has settled above 106.00 since then but struggles to stage a more aggressive recovery as traders remain cautious despite risk sentiment has improved somewhat after the recent rout in the global financial markets. In a wider picture, the greenback continues to oscillate around the 20-daily moving average while the daily RSI is directionless in the neutral territory, suggesting the current consolidation could continue at least in the short term. On the four-hour timeframes, the dollar struggles to overcome the 20-SMA while the 100-SMA now acts as the immediate support. 


NZDUSD  
The Kiwi bounced strongly in recent trading as the improving risk sentiment triggered a weaker demand for the greenback. As a result, the pair turned positive on the day after a brief dip below the 50-DMA that triggered a sharp local recovery. NZDUSD jumped above 0.6670 and could target the 0.67 handle if the upside pressure persists in the short term. However, the Kiwi could quickly lose the bullish momentum if risk sentiment turns sour again. In this scenario, the pair will likely attract sellers around the current levels and retreat to the mentioned moving average that could cap the potential downside momentum.

USDCAD
USDCAD was rejected from nearly one-month highs around 1.3260 earlier in the day and turned negative since then. The pair has settled in the 1.32 area ahead of the opening bell on Wall Street. Should dollar demand continue to fade in the near term, the prices may target the 1.3130 region, followed by the 1.31 support zone. However, as the daily RSI looks nearly directionless, the downside momentum looks limited at this stage. Furthermore, the greenback could regain the upside bias after the current correction if oil prices fail to stage a recovery and resume the decline which would weigh on the Canadian dollar. 

Tags: EURUSDGBPUSDNZDUSDUSDCADUSDJPY
Share2Tweet1
ADVERTISEMENT
Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The greenback continues to push higher nearly across the board amid a funding squeeze

Stocks mixed, dollar gains against major rivals

March 17, 2020 07:45
24
Pound corrects higher due to dollar weakness

Dollar demand eases following recent gains

March 15, 2021 06:40
14
Euro struggles below three-month highs, yen demand persists

Dollar recovery attempts look too modest, euro back at 2-year highs

July 30, 2020 09:47
14

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews