US Dollar Index - Chart Analysis - 23 August 2015
EUR/USD Analysis, Chart: Euro US Dollar Exchange Rate At Key Level, Higher Prices Forecast
EUR/USD Analysis, Chart: Euro US Dollar Exchange Rate At Key Level, Higher Prices Forecast
The euro-to-dollar exchange rate's trading on Friday was significantly bullish and with strong momentum. When reviewing the price action an hourly chart and starting the most recent swing low at 1.13008 we see that the selling pressure on August 22nd was just a pullback for another drive higher. The EUR/USD pair has, in fact, driven beyond a key Gann angle in the Square of 144 and it has also traded above the key Major Harmonic value area of 1.1625 – and is currently holding that level.
Lloyd’s reports that the Eurozone has had an increase in economic activity this year and is coming off of a relative slump from the beginning of the year. The PMI showed some acceleration. Lloyds also wrote that the annual headline inflation should slowdown to 2.0% vs 2.1% prior. Perhaps what is more important, in Lloyds report, we should expect the strength of the rally to depend on the current trend in force. Us Dollar Chart Euro , we should expect the strength of the rally to depend on the current trend in force.
Above: Weekly EURUSD chart, bullish pivot candlestick formation
The US Fed Chair, Jerome Powell, spoke this morning and confirmed what was already know: gradual rate hikes can be expected. Considering that this news was not new nor unexpected, the news was certainly received as a catalyst to move a significant amount of the broader FX market. A great many FX USD pairs that were near their swing lows have since had a strong rally higher while the Dollar Index has fallen.
Looking at the chart above and towards week ahead, there is fairly wide-open trading range between 1.1627. Following Gann’s Rule of Angles, it the EURUSD FX pair closes and stays above this current angle then the rule states we move to test the angle above it, which is near the 1.18 value area. This is a very strong probability especially when we look at the weekly chart. The weekly chart shows a bullish pivot setup – a 3 candlestick pattern where the middle candlestick has lower lows and lower highs than the candlesticks next to it. This kind of pattern is very powerful, especially when you consider the initial bounce from last week was off of a significant price pivot at 1.1406. We should also note that the Composite Index and Stochastic RSI are showing positive buying conditions on the weekly charts.
Another interesting anecdote are the perceived problem of the US President and some of his former confidants. Accusations of campaign finance violations have been brought up. Swissquote reported that the upcoming sanctions on Iran and the US-China trade war situation has unsettled markets. However, this has not been the case for the EURUSD trade – it has rallied significantly this week and after considering all fundamental and technical analysis in front of us, we can anticipate higher prices in the coming week for the EURUSD pair.
Euro US Dollar Exchange Rate Outlook Today: EUR/USD Slips Back Ahead of ECB Minutes
Lloyds forecast Euro to Dollar exchange rate (EUR/USD): 1.23 end-2019
Euro-to-Dollar Exchange Rate Forecast (EUR/USD): 1.1510, 1,1448 and 1.118 key support if EUR keeps sliding
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