5/25/2021
Euro pairs are moving the most this morning off of what seems to be better than expected business climate data from the ifo Institute. It serves as a survey to a large sample size to help measure economic health of an economy.
EUR/USD
EU price up 0.16% today as it seems to have peaked for the time being. The pair is hitting support on the 4H chart around 1.22376 and looks like it might cross below that mark. Additional support lies on the rising trend line coupled with a support zone around 1.21817. If the pair hits this support level, we think it could then try to hit a second test at February highs.
EUR/JPY
EJ coming down after a big breakout of a falling channel on the 4H timeframe. This retracement looks like it might have to come down to support at around 132.552 before it hits some solid support. Another minor level of support lies around 133.034, which could be strong enough to bring this pair back up since we are in a relatively long uptrend.
EUR/AUD
Euro Aussie looks pretty bullish right now on the 1D chart as it is heading up toward significant resistance at its 200 DMA and previous top. German ifo Business Climate news came out beating expectations which were forecasted at 98.2 and the result was 99.2. This pair looks more bearish than the others in the long term, but we are bullish up until price hits that resistance level.
GDP numbers came in lower than expected in the US, marking the third straight drop in economic output. This is usually good news for the stock market indices and gold, however, bond yields continue to hold up above 5.1%. Here are some potential trade setups for both dollar and index longs depending on how the […]
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Last Friday's report showed a significant change in global market sentiment from smart money. What COT signaled has turned ultra-risk-off for traders who have been hoping for Fed fears to subside. This news could spark up worries about higher interest rates for the long term. EdgeFinder Analysis GBPUSD is now a -12 on the EdgeFinder […]
