 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: Euro Pares Gains ahead of ECB, Canadian Dollar Rebounds on Tariff Exclusion The financial markets show that investors are well prepared for the steel and aluminum tariff by the US. Dow closed down just -0.33% overnight, at 24801.36. 10 year yield gained 0.006 to 2.883, staying in near term sideway consolidation. Nikkei is trading up 0.5% at the time of writing while HSI is up 1.4%. In the currency markets, Yen is paring some gains as risk aversion recedes and commodity currencies recover today. In particular, Canadian Dollar responded rather positively to the news that the country will be temporarily excluded from the tariffs. Meanwhile, Euro is broadly softer today, digesting recent gains and as traders are preparing for ECB. Technical OutlookEUR/USD Daily Outlook Daily Pivots: (S1) 1.2381; (P) 1.2413 (R1) 1.2441; More.... A temporary top is in place at 1.2443 in EUR/USD with 4 hour MACD crossed below signal line. Intraday bias is turned neutral first. For the moment, further rise will remain mildly in favor as long as 1.2268 minor support holds. Firm break of of 1.2555 and 1.2516 long term fibonacci level will carry larger bullish implications. On the downside, below 1.2268 minor support will turn bias back to the downside for 1.2154 instead. Suggested ReadingsEUR/GBP Remains In Steady Uptrend CPTPP: An Antidote to NAFTA Flux? EUR/USD May Retest Highs Amid ECB, US Jobs, Tariff Disputes Dollar In Limbo Amid Focus On Trade War Concerns And Interest Rates Steel Your Nerves: Effects of Tariffs on U.S. Inflation Gold Volatility Continues Over Trump Tariff Threat ECB To Prepare Markets For End Of QE ECB Will Probably Need More Time to Change Forward Guidance QE Details: More Of The Same In Volume Terms – Yet, Increasingly Distorted WAM Economic Data
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