Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: Forex Markets Stay Quiet on Holiday Mood. RBA, ISM and NFP ahead The forex markets are rather quiet today as most countries are still on holiday. Yen is trading generally lower but loss is limited so far. Japan Tankan survey posted some disappointing data but was shrugged off. Australian Dollar is also a touch weaker. Mixed data from China and the expectation of RBA standing pat and maintaining neutral stance is not providing much inspiration to Aussie. China formally started the refrained tariffs on 128 US products. While trading is subdued, there are a lot to look forward today during the week. Technically, a key point to now is that EUR/USD, despite last week's decline, is holding on to 1.2285 minor support. Thus, there is no confirmation of near term bearish reversal yet. GBP/USD is also holding above 1.3982 minor support. These two levels will be closely watched ahead. Technical Outlook EUR/USD Daily Outlook Daily Pivots: (S1) 1.2290; (P) 1.2310 (R1) 1.2337; More.... At this point, EUR/USD is still holding above 1.2285 minor support and intraday bias remains neutral. On the upside, above 1.2475 will target a test on 1.2555 high, which is close to 1.2516 key long term fibonacci level. We'd be cautious on reversal from there. But decisive break will carry larger bullish implications. On the downside, below 1.2285 minor support will turn bias to the downside for 1.2154 and below to extend the decline from 1.2555. Suggested Readings Equities Soften As China Retaliates, US ISM Manufacturing PMI Pending EURUSD Holds Within Sideways Channel In Short-Term, Ascending Move In Medium-Term Attention Turns Back To Data This Week EUR/USD Holding Crucial Support Near 1.2280 Spring Has Sprung And Hope 'Springs' Eternal Weekly Economic and Financial Commentary: Q1 May See PCE Slow but Consumers Still Alright US Dollar Rises Ahead of Jobs Data Capital Markets in April, 2018 The Weekly Bottom Line: Soft Spending Suggests Another Weak Q1 Economic Data
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