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EUR/USD Oct. 15 – About to get busy in the lower range

EUR/USD  is trading in a limited range just under resistance at 1.2660, despite a lot going on in the markets. It managed to stabilize after the falls seen yesterday. Fears of a German recession worsened with yesterday’s data and forecast downgrade. In his first speech today, Draghi did not talk about monetary policy but he speaks again later on. In addition, we have important US figures. It’s about to get busy

Here’s a quick update on technicals, fundamentals and sentiment moving the pair.

  • Asian session: The pair  traded in a narrow  range under resistance at 1.2660.
  • Current range:  1.26 to 1.2660

Further levels in both directions:

EURUSD October 15 2014 technical analysis fundamental outlook and sentiment

  • Below:  1.27, 1.2660, 1.26, 1.2570 and 1.25.
  • Above: 1.2750, 1.28 and 1.2860
  • 1.2750  is still resistance, despite the temporary breach.
  • 1.2660 strengthens as support.

EUR/USD Fundamentals

  • 6:00  German Final CPI. Exp. 0%, actual 0%.
  • 7:00 ECB president Mario Draghi talks. The speech focused on banking and not on monetary policy.
  • 12:30 US retail sales. Exp. +0.2%.core retail sales. Exp. -0.1%.
  • 12:30 US PPI, exp. +0.1%. Core exp. +0.1%.
  • 12:30 Empire State Manufacturing Index. Exp. 20.3 points.
  • 14:00 US Business  inventories. Exp. +0.4%.
  • 18:00 ECB president Mario Draghi speaks.
  • 18:00 US Beige Book.
  • 18:00 US Federal Budget Balance. Exp. 82.3 billion.

* All times are GMT.

For more events and lines, see the  Euro to dollar  forecast.

EUR/USD Sentiment

  • German forecasts downgraded:  German business confidence turned negative for the first time since 2012. The ZEW  figure was later followed by another disappointment: the German government cut forecasts quite sharply. Both growth and inflation look weak now.
  • Global gloom: The gloom around the world, coming from IMF worries among others is hitting the stock market and resulting in a sharp drop in oil prices.  So far, the yen seems to be the big winner, with the dollar trailing behind. The euro is relatively stable, but perhaps this is an opportunity to sell the euro.
  • Euro rate hikes not before 2017: In his speech in Washington, Draghi maintained a dovish tone,  vowing to do what is necessary to battle low inflation and  repeated his usual stance. What he also said is that markets see a move on the rates only in 2017, and this is certainly a long time off. Will he  repeat this in the second speech?
  • Greek worries: Greece and the troika are on a  collision course once again. While the  country has stayed away from the news for quite some time, it could creep back. Adding political instability and a primary surplus  to the mix already sent Greek bond yields higher, above 7%.
  • State of the US consumer: While expectations for a rate hike in the US have been somewhat pushed back, the data remains positive. The biggest part of the US  economy is  consumption, and we will get an updated picture for consumption in the release of retail sales. On Friday we’ll get consumer confidence.

In our latest podcast, we talk about the US labor market, run down the FOMC minutes, reflect on falling oil and discuss next week’s events:

Download it directly here.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.