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EUR/USD fall sharply after ECB neutral tone


EUR/USD fall sharply after ECB neutral tone after downsizing the bond purchase to EUR30 billion per month for extension of 9 months exactly as market expected, Draghi plays down the taper and adapt ample support for economy still needed, the bond yield differential widening with US since Dec 2016 and adding more pressure for EUR, also better US data and US House pass the budget bill clear the way for tax reform and expect tax reform bill will voting before Thanksgiving Day (Nov 23) as well as Yellen quit on next Fed Chair race also support the broad USD strength and hurt the EUR despite technical oversold in short-term, today US GDP (Q3) and Michigan Consumer Confidence might have some intraday impact, support at 1.1600 and resistance at 1.1670; Technically EUR break the recent range and still bearish until it can recovery above 1.1735 for trend reversal, today prefer in range trading with tight stop strategy.

USD/JPY continue grid higher and risk for further test to 115 still exist in short-term, higher UST yield (10 years 2.46%) strong stock performance and pricing for next Fed Chair (either Powell or Taylor) as well as speed up of tax reform also driven the pair higher gradually, today US Q3 GDP, Michigan consumer confidence index as well as stock/bond market move will have some intraday impact, support at 114.00-10 and resistance at 115.00; today prefer to buy on dips with tight stop strategy.

GBP/USD lower on broad USD strength and steady cross performance today and yield difference widening also hurt GBP in short-term, today US data and stock/bond market move will have some intraday impact, support at 1.3050 and resistance at 1.3150; still, perfer in range trading with tight stop strategy.

USD/CHF running high gradually with higher EURCHF and lower EURUSD effect, neutral ECB and driven more prolong period of rate normalisation will hurt EUR in short-term and broad USD strength on continuing pricing tax reform and next Fed Chairman choice will still support the pair, today US data and stock/bond market move will have some intraday impact, support at 0.9970 and resistance at 1.0010 and 1.0050; still prefer buy on dips with tight stop strategy.

EUR/JPY down sharply with EUR lower and neutral ECB despite downsize the bond purchase, sell on fact as well as USD strength still driven the cross lower despite stock higher and rather steady risk sentiment, today US data and stock/bond market move will have some intraday impact, support at 132.50 and resistance at 133.50; today prefer in range trading with tight stop strategy.

EUR/GBP down gradually on EURUSD lower effect, ECB more neutral stance will disappointing market and sell on fact driven the EUR cross broadly lower, today US GDP, Michigan Consumer Sentiment index will have some intraday impact, support at 0.8850-55 and resistance at 0.8910-15; today prefer in range trading with tight stop strategy.

GOLD lower on broad USD strength and technical oversold and recent range of 1260-1310 still capping either side and expect more physical demand around 1260-65 region, today US GDP and Michigan Consumer Sentiment index will have some intraday impact, support at 1260 and resistance at 1273 and 1280; still prefer buy on dips with tight stop strategy.

SILVER lower on broad USD strength and lower GOLD effect, short-term oversold and recent down run corrective in nature and today US GDP, Michigan Consumer sentiment index as well as stock/bond market move will direct the intraday action, support at 16.65 and resistance at 17.00; today prefer to buy on dips with tight stop strategy.


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