Euro Steady Against Dollar after ECB, Jobless Claims
Action Insight Mid-Day Report 7-22-21

Euro Steady Against Dollar after ECB, Jobless Claims

Euro is trading steadily in US session after ECB finally revealed it's new forward guidance. Though, the common currency is notably weak against Sterling and commodity currencies. Meanwhile, Dollar and Swiss are also weak, together with Yen, as market sentiments are generally stable. We'd now see if US stocks could extend the strong rebounds in the past two days, to retest recently made record highs.

Technically, both EUR/USD and EUR/JPY are pressing 4 hour 55 EMA at this point. We'd see if the two pairs could stand firm above the EMAs to extend current recovery. Or, the would be dragged down by selloff in other crosses for retesting 1.1751 and 128.58 temporary lows.

In Europe, at the time of writing, FTSE is down -0.19%. DAX is up 0.66%. CAC is up 0.40%. Germany 10-year yield is down -0.008 at -0.400. Earlier in Asia, Hong Kong HSI rose 1.83%. China Shanghai SSE rose 0.34%. Singapore Strait Times rose 1.29%. Japan was on holiday.

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EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.1762; (P) 1.1784; (R1) 1.1815; More...

EUR/USD is still losing downside momentum, as displayed in 4 hour MACD. Nevertheless, further decline is expected with 1.1880 resistance intact. Current fall from from 1.2265, as the third leg of correction from 1.2348, would target 1.1703 support. On the upside, though, break of 1.1880 will indicate short term bottoming and turn bias back to the upside for stronger rebound to 1.1974 resistance first.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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