DailyFX Research: Euro’s Bull Trend Hits Pause; Dollar Waits on Fed Speakers

Commentary, Forex, News
Talking Points:
– EUR/USD, GBP/USD, and DXY Index in general trading flat this morning amid a quiet economic calendar.
– Sliding economic data momentum weighing against the Euro and the US Dollar equally right now.
– The retail crowd is still net-short AUD/USD, EUR/USD, GBP/USD, and net-long USD/JPY, although positioning has abated in recent days.
We’re into the second half of the trading week and it’s certainly been a calmer one than in weeks past. A lackluster economic calendar from across the developed world is to blame, with only three data points – the RBNZ and Banxico rate decisions, as well as the Canadian CPI report – garnering a ‘high’ rating on the DailyFX Economic Calendar.
For many traders, this week has been simply about ‘waiting’: waiting for legislative progress from the Trump administration; waiting for Fed speakers to explain their hawkish stance despite weak US data (four Fed speakers due up the next two days); waiting for progress in the Brexit negotiations; etc.
A currency that hasn’t gotten much attention this week has been the Euro. The Euro, which had been on a tear for much of April and May, has seemingly hit a roadblock the past few weeks. Now, EUR/USD technical uptrend has been broken: price traded above the daily 21-EMA between April 18 and June 15. Since June 15, the bulls have scattered, and we’ve been left with a flat market oscillating above 1.1135 (an area of support//resistance since August 2016).

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