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EUR/USD Jumps on ECB, US Jobless Claims

EUR/USD Jumps on ECB, US Jobless Claims

EUR/USD rallied today after Mario Draghi, President of the European Central Bank, signaled at the press conference after the monetary policy meeting that quantitative easing tapering will be discussed in October. (Event A on the chart.) Meanwhile, jobless claims in the United States jumped to the highest level since March 2015 as a result of Hurricane Harvey.

Initial jobless claims jumped from 236k to 298k last week, far above the predicted level of 245k. (Event A on the chart.)

Nonfarm productivity rose by 1.5% in Q2 2017. That is compared to 1.3% predicted by analysts and the 0.9 increase registered in the previous three months. (Event A on the chart.)

US crude oil inventories increased by 4.6 million barrels last week, a bit more than 4.1 million predicted by experts, and were in the upper half of the average range for this time of year. Total motor gasoline inventories decreased by 3.2 million barrels but remained near the upper limit of the average range. (Event B on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog.

EUR/USD Little Changed as Traders Assess Chances of Rate Hike

EUR/USD Little Changed as Traders Assess Chances of Rate Hike

EUR/USD was little changed today but was heading to weekly gains as US policy makers talked down chances for another interest rate hike by the end of the year. US economic data was mixed today, giving the currency pair no direction.

Trade balance deficit was at $43.7 billion in July, almost unchanged from $43.5 billion in June, revised. Forecasters had predicted an increase to $44.6 billion. (Event A on the chart.)

Markit services PMI rose from 54.7 in July to 56.0 in August according to the final estimate. Analysts expected about the same reading as preliminary 56.9. (Event B on the chart.)

ISM services PMI rose from 53.9% in July to 55.3% in August but failed to meet the 55.8% level predicted by specialists. (Event C on the chart.)

Yesterday, a report on factory orders was released, showing a drop by 3.3% in July, which matched forecasts exactly. The previous month’s increase was revised from 3.0% up to 3.2%. (Not show on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog.

Forex Brokers Update — September 3rd, 2017

Forex Brokers Update — September 3rd, 2017

This week has seen us adding two more new brokers to the list on EarnForex.com:

Tifia — an offshore company registered in the Republic of Vanuatu, which seems to be a popular destination for many Forex brokers these days. The trading conditions are pretty standard: $100 minimum and MT4 platform. However, Tifia also offers 1:1000 leverage (which is rather high) and an interesting risk-free trades promotion.

Tifia

ETFX — a Chinese broker with an active New Zealand license. It offers trading with a starting account of $500 and 1:200 leverage via MetaTrader 4 platform.

ETFX

Apart from the new listings, there were some changes to the two of previously added brokers:

  • HotForex added trading in BTC/USD and BTC/EUR cryptocurrency pairs. The broker no longer accepts deposits via Western Union and CashU. Added Bitcoin and QIWI as the supported payment methods.
  • AAATrade added an impressive range of cryptocurrency trading instruments. The company also expanded its array of accepted payment systems with FasaPay, PayPal, UnionPay, giropay, and SOFORT.

If you have any questions or comments regarding any of the latest Forex brokers updates, please feel free to reply using the form below.

Posted on Forex blog.

Weekly Forex Technical Analysis (Sep 4 — Sep 8)

EUR/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.1520 1.1671 1.1767 1.1918 1.2014 1.2166 1.2261

EUR/USD - Floor pivot points as of Sep 2, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.1657 1.1739 1.1905 1.1986 1.2152

EUR/USD - Woodie's pivot points as of Sep 2, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
1.1727 1.1795 1.1817 1.1840 1.1885 1.1908 1.1931 1.1999

EUR/USD - Camarilla pivot points as of Sep 2, 2017

Tom Demark’s pivot points

Support Resistance
1.1719 1.1966

EUR/USD - Tom Demark's pivot points as of Sep 2, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
1.1823 1.1881 1.1917 1.1946 1.1976 1.2070

EUR/USD - Fibonacci retracement levels as of Sep 2, 2017

GBP/USD

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
1.2730 1.2791 1.2873 1.2934 1.3016 1.3077 1.3160

GBP/USD - Floor pivot points as of Sep 2, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
1.2796 1.2884 1.2939 1.3027 1.3083

GBP/USD - Woodie's pivot points as of Sep 2, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
1.2876 1.2916 1.2929 1.2942 1.2968 1.2981 1.2995 1.3034

GBP/USD - Camarilla pivot points as of Sep 2, 2017

Tom Demark’s pivot points

Support Resistance
1.2903 1.3047

GBP/USD - Tom Demark's pivot points as of Sep 2, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
1.2852 1.2886 1.2906 1.2923 1.2940 1.2995

GBP/USD - Fibonacci retracement levels as of Sep 2, 2017

USD/JPY

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
106.38 107.32 108.79 109.73 111.19 112.13 113.59

USD/JPY - Floor pivot points as of Sep 2, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
107.45 109.05 109.86 111.45 112.26

USD/JPY - Woodie's pivot points as of Sep 2, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
108.93 109.59 109.81 110.03 110.47 110.69 110.91 111.57

USD/JPY - Camarilla pivot points as of Sep 2, 2017

Tom Demark’s pivot points

Support Resistance
109.26 111.66

USD/JPY - Tom Demark's pivot points as of Sep 2, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
108.26 108.83 109.18 109.47 109.75 110.67

USD/JPY - Fibonacci retracement levels as of Sep 2, 2017

EUR/JPY

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
127.68 128.66 129.73 130.71 131.78 132.76 133.83

EUR/JPY - Floor pivot points as of Sep 2, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
128.68 129.77 130.73 131.82 132.78

EUR/JPY - Woodie's pivot points as of Sep 2, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
129.66 130.23 130.41 130.60 130.98 131.17 131.35 131.92

EUR/JPY - Camarilla pivot points as of Sep 2, 2017

Tom Demark’s pivot points

Support Resistance
130.22 132.27

EUR/JPY - Tom Demark's pivot points as of Sep 2, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
129.65 130.13 130.43 130.68 130.92 131.70

EUR/JPY - Fibonacci retracement levels as of Sep 2, 2017

GBP/JPY

Floor pivot points

3rd Sup 2nd Sup 1st Sup Pivot 1st Res 2nd Res 3rd Res
137.88 138.93 140.88 141.94 143.88 144.94 146.88

GBP/JPY - Floor pivot points as of Sep 2, 2017

Woodie’s pivot points

2nd Sup 1st Sup Pivot 1st Res 2nd Res
139.16 141.32 142.16 144.32 145.16

GBP/JPY - Woodie's pivot points as of Sep 2, 2017

Camarilla pivot points

4th Sup 3rd Sup 2nd Sup 1st Sup 1st Res 2nd Res 3rd Res 4th Res
141.17 142.00 142.27 142.55 143.10 143.37 143.65 144.47

GBP/JPY - Camarilla pivot points as of Sep 2, 2017

Tom Demark’s pivot points

Support Resistance
141.41 144.41

GBP/JPY - Tom Demark's pivot points as of Sep 2, 2017

Fibonacci retracement levels

0.0% 23.6% 38.2% 50.0% 61.8% 100.0%
139.99 140.70 141.14 141.49 141.85 143.00

GBP/JPY - Fibonacci retracement levels as of Sep 2, 2017

If you have any questions or comments on this technical analysis, please feel free to reply below.

Posted on Forex blog.

EUR/USD Quickly Reverses Gains Caused by Poor NFP

EUR/USD Quickly Reverses Gains Caused by Poor NFP

US nonfarm payrolls released today missed expectations. That caught market participants off-guard as they counting on robust employment data following the very good private ADP report released earlier this week. Yet another surprise came in the form of reaction to the news demonstrated by EUR/USD. While the currency pair surged following the report, as it could be expected, it lost the gains very quickly and for whatever reason fell below the opening level. Other US reports released during the current trading session were also poor for the most part, with the exception of the manufacturing Purchasing Managers’ Index from the Institute for Supply Management.

Nonfarm payrolls rose by 156k in August, missing the figure of 180k promised by forecasters. What is more, the previous month’s increase got a negative revision from 209k to 189k. Unemployment rate ticked up unexpectedly from 4.3% to 4.4%. Average hourly earnings rose by 0.1%, less than 0.2% predicted by analysts and 0.3% registered in July. (Event A on the chart.)

Markit manufacturing PMI slipped from 53.3 in July to 52.8 in August according to the final estimate. Market participants expected the same 52.5 reading as in the preliminary estimate. (Event B on the chart.)

Meanwhile, ISM manufacturing PMI climbed from 56.3% in July to 58.8% in August. That is above the predicted figure of 56.5%. (Event C on the chart.)

Michigan Sentiment Index rose from 93.4 in July to 96.8 in August as was demonstrated by the revised data. Still, the actual value was below the predicted 97.4 and the preliminary figure of 97.6. (Event C on the chart.)

Construction spending fell 0.6% in July from June instead of rising 0.5% as analysts had predicted. The previous month’s drop got a slight revision from 1.3% to 1.4%. (Event C on the chart.)

If you have any comments on the recent EUR/USD action, please reply using the form below.

Posted on Forex blog.

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