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EUR/USD Descending Triangle Takes Shape- 1.3330 Support in View

EUR/USD Descending Triangle Takes Shape- 1.3330 Support in View

2014-08-14 15:45:00
David Song, Strategist
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Talking Points:

- EUR/USD Remains Stuck in Descending Triangle Despite Dismal 2Q GDP

- USD/JPY Continues to Carve Lower-Highs in August; 101.00 Remains Key Support

- USDOLLAR Struggling to Hold Bullish RSI Momentum Ahead of U. of Michigan Confidence

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10561.45

10580.23

10551.83

-0.06

97.99%

EUR/USD:

  • Despite the dismal 2Q Euro-Zone Gross Domestic Product (GDP) report, the EUR/USD rallied into 1.3402 as there appeared to be broad dollar weakness.
  • Nevertheless, the string of lower-highs in August continues to cast a bearish outlook for the EUR/USD as the pair appears to be stuck in a descending triangle formation.
  • Even though the DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long on EUR/USD, the ratio has come off of its recent highs and sits at +1.38.

USD/JPY:

  • USD/JPY also continues to carve a series of lower-highs in August; retains the bearish trend from January.
  • With Japan 2Q GDP beating market expectations, seems as though the Bank of Japan (BoJ) will retain its current course for monetary policy.
  • Long-term descending triangle formation remains in play, with the 101.00 handle holding up as key support.

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EUR/USD Descending Triangle Takes Shape- 1.3330 Support in View

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: Opportunities in the Cross Rates

Potential Euro Reversal Situations Develop as Weak GDP Weighs Little

USDOLLAR Daily

EUR/USD Descending Triangle Takes Shape- 1.3330 Support in View

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index faces an increased risk of a near-term top as the RSI struggles to preserve the bullish momentum.
  • Will be looking for a bearish RSI break paired with a close below 10,561 (100% expansion) to favor a larger pullback.
  • Nevertheless, a near-term correction may provide a ‘buy the dip’ opportunity as the Federal Open Market Committee (FOMC) remains on course to halt its asset-purchase program in October.
  • Interim Resistance: 10,590 (50.0% retracement) to 10,604 (38.2% retracement)
  • Interim Support: 10,440 (78.6% retracement) to 10,450 Pivot

Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

Initial Jobless Claims (AUG 9)

12:30

295K

311K

Continuing Claims (AUG 2)

12:30

2507K

2544K

Import Price Index (MoM) (JUL)

12:30

-0.3%

-0.2%

Import Price Index (YoY) (JUL)

12:30

0.8%

0.8%

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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