EDGE Chart of the Day – EURUSD
EUR/USD
+0.34%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
Is the EUR/USD ready to turn lower?
EUR/USD-Daily ChartWe have been anticipating a reversal of the EURUSD at the longer-term 61.8% Fibonacci retracement level at the 1.0960 level on the Week Ahead video and in recent daily FACE shows. This rejection of the 61.8% retracement was pronounced this week, however, the next could days will be critical for this reversal to take place. Tomorrow, although a US holiday, will have Eurozone (German and French) PMI’s and on Friday, US PMI’s will be released. In order for the EURUSD to continue lower back below the 200dma, we will have to see continued lower European PMI’s and more specifically, the US PMI’s to remain above 50, which isn’t the case for the manufacturing data. If Eurozone data improves and the US data continues to slip below expectations, this move to the 1.0850s may prove to be a pullback to be bought.
A break of the 1.0766 level would suggest the EURUSD may be ready to move back toward the 1.05XX level.
