By Mexgroup.com
EUR/USD Narrowing
The EUR/USD has managed to rebound and to climb much higher again. Price continues to move in range on the short term, but I hope that we’ll have a significant move very soon. Technically, it was expected to decrease further on the short term, but seems like will develop a minor chart pattern. The pair increased a little as the USDX slipped lower after another false breakout above the 92.49 static resistance.
The dollar index move somehow sideways as well, but he still needs a bullish spark to be able to climb much higher on the short term. The USD wasn’t impressed by the good United States data, the Unemployment Claims plunged from 282K to 259K in the previous week, has come in much better versus the 302K estimate, while the Philly Fed Manufacturing Index increased from 18.9 to 23.8 points, beating the 17.3 estimate.
The Consumer Confidence was reported at -1 points, much below the -2 estimate, while the CB Leading Index rose by 0.4%, beating the 0.3% estimate.
Price increased after a failure to approach and reach the median line (ml) of the minor descending pitchfork. It could come higher to retest the upper median line (uml) of the descending pitchfork before will decide what to do on the short term.
Free Reports:
The price action could develop a minor symmetrical triangle on the Daily chart, a breakout from this pattern will bring us a great trading opportunity. EUR/USD managed to stay above the 1.1910 static support.
Brent Oil Targeting New Highs
Brent Oil resumes the upside movement and should approach and hit the median line (ML) of the major ascending pitchfork in the upcoming days. Price ignored the higher Crude Oil Inventories and is almost to reach the $57.00 per ounce. The median line (ML) is acting as a magnet and attracts the price, actually, it could be attracted by the confluence area formed at the intersection between the ML with the 250% Fibonacci line.
Gold Melting Down
The yellow metal is going down like a rock and is expected to reach the 38.2% retracement level. Actually, it could hit the confluence area formed at the intersection between the 38.2% retracement level with the WL1. A breakdown through the mentioned confluence will accelerate the sell-off, while a rejection will send the rate much higher again.
By Olimpiu Tuns
Market Analyst
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The post Daily Market Report – USD Uninspired By The US Data September 22, 2017 appeared first on mexgroupblog.
