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Daily Technical Round-up: Euro under pressure!

Michael Baker, Monday, 10 February 2020

Technical Analysis

GBPUSD

Pivot: 1.2906

Scenario 1: Trend support broken and weakness is beginning to set into the market. 38.2% fib not offering any support but we are trading between 1.2898/62 which is a treble daily low from November. Further daily lows are between 1.2826/.2768 followed by the 50% fib at 1.2737.

Scenario 2: Cable has been so weak it's difficult to see where any upside is going to come from. Reclaiming 1.3 would be a start and then looking for the 50-day SAM at 1.3078.

Chart: Daily chart showing trend support break and tests of recent lows. 38.2% fib not offering too much support, a sign we may see the 50% trading in the not-so distant future?

10 GBP

EURUSD

Pivot: 1.0956

Scenario 1: Under pressure! Attacking the 8-October low at 1.0941. Last year's low is at 1.0879. Big 768.8% fib comes in at 1.0815.

Scenario 2: Holding 1.0941 could encourage buyers but this market seems so weak. Back above 1.0981/.1002 we look for the 50 day SMA and 31-Jan/1-Feb high at 1.1095. 200-day SMA is only little higher at 1.1121.

Chart: Daily chart showing drive lower, we are not too far away from last year's low.

10 EUR

Germany 30

Pivot: 13,508

Scenario 1: Last night's out-of-hours market saw a push down to a previous support/resistance between 13,397/359. Seen a bounce back up in the early part of the cash trading day. If this level comes under pressure once again then we look at the weekly pivot, 38.2% fib and 50-day SMA between 13,341/301. 50% fib at 13,243 and 61.8% fib at 13,159. Major support between 12,949/12,884.

Scenario 2: Recent strength got to 13,600 before topping out. 13,715 is the upper trend channel.

Chart: Short-term chart, recent move down found support at first support after 5-Feb rally. 

10 DAX

Wall Street

Pivot: 28,933

Scenario 1: Out-of-hours market has already test the weekly pivot and broken resistance between 28,937/00. If this comes under pressure again then its the 50% at 28,848 followed by multiple daily lows at 28,765. 61.8% at 28,686.

Scenario 2: Very volatile markets has seen sharp sell-offs followed by strong responsive buying. Out-of-hours high got to 29,529, we have pulled away a bit but if we get back up then the 30,000 target will no doubt come into focus.

Chart: Short-term chart showing recent showing a little weakness at the start. Weekly pivot has already provided support.

10 DOW

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