EURUSD Worth: Bounce off Technical Help Improves Outlook

EURUSD worth, information and evaluation:

An abundance of detrimental elements for the US Greenback are decreasing its safe-haven attraction.

That might imply additional beneficial properties in opposition to it by the Euro, notably because the EURUSD chart suggests a optimistic technical outlook for the pair.

US Greenback outlook worsens

A number of detrimental elements for the US Greenback are weakening it in opposition to the Euro, suggesting additional beneficial properties for the pair as risk-averse merchants search different havens such because the Japanese Yen and Gold.

Among the many elements hitting USD are:

Felony costs by the US in opposition to the Chinese language telecoms firm Huawei and its chief monetary officer,

Concern that the Huawei dispute will bitter relations between the 2 international locations forward of US-China commerce talks this week,

An try by China to have the World Commerce Group block US tariffs on Chinese language imports,

Fears world financial slowdown will push US rate of interest hikes additional into the long run,

The price of the partial US authorities shutdown that ended Friday, and

A sequence of revenue warnings by US firms.

These are all boosting EURUSD, which is bouncing off trendline help.

EURUSD Worth Chart, Every day Timeframe (August three, 2018 – January 29, 2019)

Latest EURUSD price chart.

Chart by IG (You possibly can click on on it for a bigger picture)

Because the chart above reveals, EURUSD has now risen for 4 successive days and will climb additional in direction of channel resistance round 1.1525 and even to additional trendline resistance round 1.16. In the meantime, the 20-day, 50-day and 100-day transferring averages are all offering help slightly below the present worth.

As for retail dealer positioning information, recent modifications in sentiment warn that the present EURUSD worth pattern could proceed larger regardless of the actual fact that merchants stay net-long.

Extra to learn:

A Transient Historical past of Commerce Wars

Utilizing Information and Occasions to Commerce Foreign exchange

Sources that will help you commerce the foreign exchange markets:

Whether or not you’re a new or an skilled dealer, at DailyFX we’ve many assets that will help you:

— Written by Martin Essex, Analyst and Editor

Be happy to contact me by way of the feedback part beneath, by way of e mail at or on Twitter @MartinSEssex

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