OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD forms daily bearish engulfing as 1.2930 penetrated

FXstreet.com (Barcelona) - The Euro/US Dollar has extended its fall late in the NY session as liquidity get thinner. The exchange rate has officially entered demand area between 1.2930/2900 following the excess of buying interest that existed right around that area last April 4. For now, the lowest level seen is at 1.2913.

Interestingly, the EUR/USD daily candle (from a NY close perspective) has formed a bearish engulfing bar with risks now skewed to the downside for further falls should a convincing break of recent lows occur.

As mentioned, the pair is now into demand sensitive territory, with additional conventional support spotted at 1.2875/80 as per April 2 swing high and 1.2840 (intraday level). On the upside, watch 1.2930 as immediate supply as per recent breakout point return ahead of 1.2965 (intraday level) and 1.30 round number.

Session Recap: USD extends gains; EUR/USD closes below 1.2950

The Greenback traded higher on Tuesday as traders are turning more dollar bullish and the smart money is moving to the US. Wall Street closed in a new all time highs and 10-year yields is above 1.95%.
Read more Previous

Forex: NZD/USD breaks below 0.8200 for first time in 2 months

NZD/USD is last trading barely above the 0.8200 handle, off fresh 2-month lows at 0.8180, finally breaking below previous ascending trendline supports coming from lows Jun/July last year, and 200 day SMA at around 0.8280 now. Yesterday's weaker than expected NZ retail sales and broad USD strength are both behind recent selling.
Read more Next
Start livechat