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EUR analysis and discussion points
- EURUSD | The downtrend opens the test of the lows to date
- EURJPY | Small signs of burst
- EURGBP | Support now for the moment
See our Q4 Exchange Forecast to learn what will drive the currency throughthe rest of the year.
EURUSD | The downtrend opens the test of the lows to date
The EURUSD continues to oscillate around 1.13th round. However, momentum indicators are increasingly trending downward, suggesting a possible move towards November lows (1.1215) before support at 1.12. The eyes will be lit during a firm pause and close to less than 1.1270, which could make the pair vulnerable to further losses. At the same time, the series of highs down implies that the downward trend remains intact.
EURPRICE TABLE IN USD: Daily Time Period (July to November 2018)
Graph by IG
EURJPY | Small signs of burst
EURJPY has shown little significant price effect in recent sessions as the cross is consolidating above the 128.00 threshold. However, the fact of not crossing the 128.85 mark (38.2% Fibonacci retracement) confirms the absence of the buying interest above 129.00, while a set of moving averages from 129.00 to 129.60 also contains a price action. The momentum indicators suggest that the outlook for the EURJPY is weak, increasing the possibility of a support test at 127.50. Key support is between 127.00 and 20, under which the trend line has been rising since the lowest Brexit referendum.
EURJPY PRICE TABLE: Calendar (December 2016– Nov 2018)
Graph by IG
EURGBP | Support now for the moment
Resistance at 0.8870-90 limited price action, which allowed EURGBP to be below the first support area at 0.8834-40. However, support at 0.8810 has limited additional losses for the moment. An overshoot below 0.8810 may lead to a trend towards 0.8690, which corresponds to the Fibonacci retracement level of 61.8%. Momentum indicators suggest that risks remain on the upside, although this trend has moderated recently.
EURGBP CHAR PRICET: daily schedule (February 2017)– November 2018)
Graph by IG
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— Written by Justin McQueen, Market Analyst
To contact Justin, write to him at [email protected]
Follow Justin on Twitter @JMcQueenFX
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