the daily chartist

EUR/USD recap for 16.09.2015

published 4 years ago
EUR/USD Daily

  Welcome to the first recap of the market moves for 16.09.2015. I am starting with EUR/USD cross and it seems the euro appears to be backed up by good data and broad US dollar weakness. I guess you just can't keep a good euro down... 

 The euro yesterday opened at 1.12665 and made a low of 1.12137 where rebounded of the daily inner trend support line, went up to 1.13198 and was sold back to its close of 1.12910. It did flexed its muscles again and there were a few things behind the euro strength: Bunds are under pressure with yields up 2 bps to 0.766%, the slight miss on US CPI, euro shorts getting out of the way ahead of the FED and the broad US dollar weakness overall. We see constant higher lows and even now, the euro is going up, passing trough 1.13. The long shot move if FED does nothing? 1.15. Still the levels around 1.13512 must be breached before the bulls find their way beyond that. On the Euro side we had Final CPI and Final Core CPI coming in both negative at 0.1% and 0.9% respectively  from 0.2%/1.0% forecast and 0.2%/0.1% in previous value respectively. But as we saw, US CPI was the big catalyst for the moves and not only for the euro.