The USD on Monday closed up against the EUR. The euro/dollar was down against Friday’s 1.1079 minimum. Trading volumes are ...
Yesterday"s Trading:
The USD on Monday closed up against the EUR. The euro/dollar was down against Friday"s 1.1079 minimum. Trading volumes are still low on the market at participants lie in wait for central bank announcements.
Market Expectations:
A two-day FOMC meeting begins on Tuesday. No one expects the Fed to change their rates this time round. Market participant attention will be on Yellen"s speech which follows the meeting.
Important economic data which could have an effect on the currency pairs is nowhere to be seen. Due to this I expect to see the euro drop to 1.1055.
Day"s News (EET):
12:00, Eurozone employment level for Q4.
14:30, US retail sales changes and PMI for February.
16:00, US housing market index from NAHB for March and changes in business inventories.
22:00, purchases of American long-term assets by foreign investors in January.
Intraday Volatility for last 10 weeks: 103 points (4 figures).
The sellers on Monday managed to strengthen below the LB (1.11) This is a bearish signal for the market since a fall below 1.1065 will see the road to 1.10 open up for the sellers.
Whilst the price is above 38% of growth from 1.0821 to 1.1217, a euro strengthening could resume at any time. An important intra-day resistance is at 1.1150.
Keep an eye on the euro/pound cross rate. The euro in this cross is set to weaken. A fall of the cross due to a USD strengthening would see the euro/dollar fall to1.1020 on the European session without taking any pit stops.
By: Vladislav Antonov
Yesterday"s Trading:
The USD on Monday closed up against the EUR. The euro/dollar was down against Friday"s 1.1079 minimum. Trading volumes are still low on the market at participants lie in wait for central bank announcements.
Market Expectations:
A two-day FOMC meeting begins on Tuesday. No one expects the Fed to change their rates this time round. Market participant attention will be on Yellen"s speech which follows the meeting.
Important economic data which could have an effect on the currency pairs is nowhere to be seen. Due to this I expect to see the euro drop to 1.1055.
Day"s News (EET):
12:00, Eurozone employment level for Q4.
14:30, US retail sales changes and PMI for February.
16:00, US housing market index from NAHB for March and changes in business inventories.
22:00, purchases of American long-term assets by foreign investors in January.
Intraday Volatility for last 10 weeks: 103 points (4 figures).
The sellers on Monday managed to strengthen below the LB (1.11) This is a bearish signal for the market since a fall below 1.1065 will see the road to 1.10 open up for the sellers.
Whilst the price is above 38% of growth from 1.0821 to 1.1217, a euro strengthening could resume at any time. An important intra-day resistance is at 1.1150.
Keep an eye on the euro/pound cross rate. The euro in this cross is set to weaken. A fall of the cross due to a USD strengthening would see the euro/dollar fall to1.1020 on the European session without taking any pit stops.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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