August 18, 2017 07:47:33 am EST

by NewsMovesMarketsForex  Staff Writer


EUR USD tested resistant level at 1.1773 in the overnight Forex Trading markets before retreating Back Down  1.1733.

ECB governing Council policy meeting was held on yesterday, August 17th 2017 which release some alarming news causing the Euro to sell to a three-week low of 1.1 661 .

This resulted after the policy makers  statement recommended…”that the strengthening of the economic expansion and confirmed that the risks to the growth outlook were broadly balanced; (ii) indicated that the ongoing economic expansion increased confidence that inflation would gradually converge to its aim; and (iii) stressed that a very substantial degree of monetary accommodation was still needed for underlying inflation pressures to gradually build up.”

…”Regarding exchange rates, while it was remarked that the appreciation of the euro to date could be seen in part as reflecting changes in relative fundamentals in the euro area vis-à-vis the rest of the world, concerns were expressed about the risk of the exchange rate overshooting in the future.”

In other words the country is highly depended upon Exports and the council express concerns that a stronger Euro would establish  huge amount of pressure on the domestic exports thus making it less palatable for their trading partners.

On the overnight data front German PPI month-over-month July up .2%

  • U.S. dollar Index  93.52  .-14 down .15% as of 6:53 a.m. EST

  • Eurodollar futures month of September 2017 Trading at 93 .675 up .0005 as of 6:45 a.m. EST

  • U..S 10-year treasury note 2.19%  yield up .002 as of 6:45 a.m. EST


Commodity Medals front Gold trading at. 1301.30 up .69% as of 6:45 a.m. Eastern Standard Time Silver trading at 17190 up .80% as of 6:45 a.m. EST

 **Technical Analysis Outlook EURUSD:   “Neutral” |     64   pip Trading Range 08/18/2017 High 1.773            Low 1.7709


  • Potential intraday resistance areas for the EURUSD  1 .17193, R2 1.1827,   Intraday Support areas 1.1590,  1.1582
  • 1 Hour RSI 53.20


  • EUR USD rebounds to 1.1773 on 081817