Today EURUSD eye on Fed Chair Powell Speaks
EURUSD Technical Overview:
Pivot: 1.1594
Key Resistance: 1.1568 - 1.1594 - 1.1622 - 1.1645
Key Support: 1.1522 - 1.1498 - 1.1465 - 1.1445
Day Trading Range: 1.1622 - 1.1498
Technical Indicator:
Moving Average: SMA 50 (1.1593) & SMA 200 (1.1653) strong resistance for EURUSD today.
RSI: The indicator moving oversold level below 30, soon it will go up side
Technical Trade Idea:
Most Likely Scenario: short @ 1.1594 with targets @ 1.1535 & 1.1512 in extension.
Alternative scenario: above 1.1594 look for further upside with 1.1622 & 1.1658 as targets.
Fundamental:
The euro countries' eco. calendar is pretty light with EU PPI being the only data due out. However, we have ECB Galhau speaking in Paris at 14:30GMT.
There is EU Eco. and Financial Affairs Council meeting (ECOFIN) today which starts at 09:00GMT and ECB VP de Guindos will participate.
The Euro is inching lower against the U.S. Dollar early Tuesday after plunging 0.22% on Monday. Pressing the single currency were renewed concerns about Italy’s budget deficit.
According to reports, Italian Deputy Prime Minister Luigi Di Maio accused European Union officials of deliberately upsetting financial markets with negative comments about Italy’s budget plans. He was essentially firing a shot at European Economic Affairs Commissioner Pierre Moscovici, who earlier in the session said that Rome’s plans were “obviously” deviating from EU rules on fiscal discipline.
The markets opened on Monday to the news that the United States, Mexico and Canada managed to agree on a new deal. The new trade deal replaces the North American Free Trade Agreement (NAFTA) and is now called the United States-Mexico-Canada Agreement (USMCA) deal. The deal is said to give greater access to the U.S to Canadian dairy markets in return for allowing extra imports of Canadian cars.
Economic data from the U.S. was slightly. Construction spending was seen rising less than expected August. Official data showed that spending on construction rose just 0.1% in August on a month over month basis.
The ISM’s manufacturing PMI showed the index easing to 59.8 in August compared to 61.3 in July. The data also missed estimates of 60.1.
However, the USD managed to close on a high note, maintaining the gains from last Friday.
The day ahead will be marked by the RBA’s monetary policy meeting. No changes are expected to the interest rate which stands at 1.50%. The European trading session is relatively quiet. Spain will be releasing its unemployment change followed by the construction PMI data from the UK.
The median estimates put the activity in the construction sector to ease slightly to 52.8 from 52.9.
Later in the evening, the NY trading session will see the Fed chair, Jerome Powell speaking.
Thanks
YoCryptoManic
Pivot: 1.1594
Key Resistance: 1.1568 - 1.1594 - 1.1622 - 1.1645
Key Support: 1.1522 - 1.1498 - 1.1465 - 1.1445
Day Trading Range: 1.1622 - 1.1498
Technical Indicator:
Moving Average: SMA 50 (1.1593) & SMA 200 (1.1653) strong resistance for EURUSD today.
RSI: The indicator moving oversold level below 30, soon it will go up side
Technical Trade Idea:
Most Likely Scenario: short @ 1.1594 with targets @ 1.1535 & 1.1512 in extension.
Alternative scenario: above 1.1594 look for further upside with 1.1622 & 1.1658 as targets.
Fundamental:
The euro countries' eco. calendar is pretty light with EU PPI being the only data due out. However, we have ECB Galhau speaking in Paris at 14:30GMT.
There is EU Eco. and Financial Affairs Council meeting (ECOFIN) today which starts at 09:00GMT and ECB VP de Guindos will participate.
The Euro is inching lower against the U.S. Dollar early Tuesday after plunging 0.22% on Monday. Pressing the single currency were renewed concerns about Italy’s budget deficit.
According to reports, Italian Deputy Prime Minister Luigi Di Maio accused European Union officials of deliberately upsetting financial markets with negative comments about Italy’s budget plans. He was essentially firing a shot at European Economic Affairs Commissioner Pierre Moscovici, who earlier in the session said that Rome’s plans were “obviously” deviating from EU rules on fiscal discipline.
The markets opened on Monday to the news that the United States, Mexico and Canada managed to agree on a new deal. The new trade deal replaces the North American Free Trade Agreement (NAFTA) and is now called the United States-Mexico-Canada Agreement (USMCA) deal. The deal is said to give greater access to the U.S to Canadian dairy markets in return for allowing extra imports of Canadian cars.
Economic data from the U.S. was slightly. Construction spending was seen rising less than expected August. Official data showed that spending on construction rose just 0.1% in August on a month over month basis.
The ISM’s manufacturing PMI showed the index easing to 59.8 in August compared to 61.3 in July. The data also missed estimates of 60.1.
However, the USD managed to close on a high note, maintaining the gains from last Friday.
The day ahead will be marked by the RBA’s monetary policy meeting. No changes are expected to the interest rate which stands at 1.50%. The European trading session is relatively quiet. Spain will be releasing its unemployment change followed by the construction PMI data from the UK.
The median estimates put the activity in the construction sector to ease slightly to 52.8 from 52.9.
Later in the evening, the NY trading session will see the Fed chair, Jerome Powell speaking.
Thanks
YoCryptoManic
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