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Five successive days of selling, primarily opening by way of a clear-cut bearish engulfing candlestick formation, witnessed the EUR/USD tunnel through prominent support at 1.1072.

The European shared currency traded lower against the buck Thursday, erasing more than 0.15% and recording its fourth successive losing session. The dollar index firmed yesterday, breaching 98.00 to the upside as US Treasury yields rose sharply – 10-year note trades at 1.919% – amid positive US/China trade headlines that triggered safe-haven outflows.

Europe’s shared currency shifts into Thursday a shade lower against the buck, retreating from Wednesday’s high at 1.1092. Tier-1 macroeconomic data was limited Wednesday, though better-than-expected Eurozone services PMIs did provide fresh impetus.

Key risk events today: Crude Oil Inventories. EUR/USD: In recent sessions, the euro, shaped by way of a near-full-bodied daily bearish candle, fell to a three-week low vs. the buck. The dollar reigned supreme, bolstered by a promising ISM non-manufacturing PMI print and the continuation of positive trade rhetoric between the US and China. According … Continue reading Wednesday 6th November: Dollar circulates below 98.00; eyes weekly trend line resistance.

Key risk events today: RBA Rate Statement and Cash Rate; UK Services PMI; Canada Trade Balance; US ISM Non-Manufacturing PMI. EUR/USD: Europe’s shared currency bowed south against its US counterpart Monday, as the dollar index recorded healthy gains. Shrugging off final EUR Markit manufacturing PMI data which ticked up to 45.9 from 45.7, the EUR/USD … Continue reading Tuesday 5th November: Havens wane on positive trade-deal hopes.