euro Archives - Profit Forex Signals

August 15, 2018

Dollar strengthens further

Yesterday, the USD reached an impressive high exemplifying its dominance compared to other currencies. Index that tracks the dollar against the euro, yen, sterling and three other currencies touched 96.794. Oil prices were supported over decreased production from top producer Saudi Arabia but corrected lower later on.

Also, yesterday Gold prices continued to plunge, pressured by rising geopolitical uncertainty and a stronger US dollar. Anyway, if the selling interest persists then the precious metal may break the 1186.47 support barrier and aim lower for the 1180.00 support hurdle. On the other side, we could see gold aiming for the 1192.31 resistance level and even break it aiming for the 1198.42 resistance barrier.

August 13, 2018

Can the relationship between Russia and US get even more worsen?

Declineing holdings of U.S. securities is an answer from the side of Moscow.
Minister Silanov already hinted this move. Russia’s holdings of Treasury securities dropped 84%, decreasing to $14.9 billion from $96.1 billion. Also, Russia decided to make focus on their Rubble and Euro instead of US dollar. They will keep their “fair play” to US companies who operate in Russian country.

USD/RUB rose even higher. We could see it move higher and break the 67.51 resistance level. On the other side, we could see the pair moving lower to the 66.46 support level and aim for the 65.57 support barrier.

August 7, 2018

USD feeds on trade tensions

The USD strengthened against a number of currencies while remained stable against others yesterday. As per analysts, the USD is supported by trade tensions as the US economy seems to be in a better position to handle protectionism. However question-marks arise if US economy growth starts to slow down because of tariffs or due to a fading effect of past tax cuts. Media reports state that there is still a lot of uncertainty about tariffs and how bad it can get, however the issue may have started to lose steam. Should there be further headlines on tariffs we could see volatility rising.

EUR/USD remained relatively stable yesterday between the 1.1580 resistance line and the 1.1510 support line. Some bearish tendencies occurred as Germany’s industrial orders growth rate for June dropped more than expected but corrected later on and continued its sideways movement. Technically it should be noted that the pair has clearly broken the downward trend- line incepted since the peak of the 31st of July. Hence, we lift our bearish bias for a sideways movement. Should the pair’s direction be possessed by the bulls we could see the pair breaking the 1.1580 resistance line and aim for the 1.1640 resistance hurdle, while should the bears dictate the pairs’ direction we could see it breaking the 1.1510 support line and aim for the 1.1445 support barrier.