Weekly Analysis: The pair showed massive bullish movement last week, broke several resistance levels and climbed for approximately 280 pips. US Dollar weakness seen across the board was the main catalyst behind the move.
Weekly FX Analysis
Weekly Analysis: Last week started strong for the bears, who managed to take the pair into 1.0850 support but most of the US Dollar gains were erased Friday on the back of disappointing U.S. data and rumors that the ECB may start to taper its quantitative easing.
Weekly Analysis: After the gap seen a week before, the pair started to move almost sideways and both bulls and bears seem to have lost interest. Part of this slow directional movement can be attributed to the lack of major releases last week.
Weekly Analysis: Last week the bulls scored an important victory by moving the pair above the 50 days Exponential Moving Average but some of the gains were erased later in the week. Overall, price action was bullish, but key resistance (1.0800) was not broken.
Weekly Analysis: The pair climbed last week, following a comment made by U.S. President Trump regarding a “too strong” US Dollar but most of the rise was erased a day after and the week ended with price close to the opening point.
Weekly Analysis: Last week the pair had a very slow start, with choppy and almost sideways price action; however, the last couple of days made up for the previous lack of movement and the bears managed to take the pair below support.
Weekly Analysis: Last week the pair’s direction was controlled almost completely by the bears, with price dropping strongly for four days and breaking the 50 days Exponential Moving Average.
Weekly Analysis: Price action was choppy last week, apart from Tuesday when we saw a strong bullish push that took the pair into 1.0800 resistance. The buyers remained in control but strength faded after Tuesday’s climb.
Weekly Analysis: Last week the Fed decided to hike the rate to <1.00% but their expectations for the rest of the year remained relatively low, anticipating only 2 more increases and this was generally perceived as bearish for the US Dollar. This was also the main reason for the pair’s strong climb.