Daily Analysis: Europe Down Again as Euro Hits 1.18 | Hacked: Hacking Finance
Hacked: Hacking Finance

Analysis

Daily Analysis: Europe Down Again as Euro Hits 1.18

Posted on .

Daily Analysis: Europe Down Again as Euro Hits 1.18

Introduction

This article was posted on Monday, 17:32, UTC.

Monday Market Recap

Asset Current Value Daily Change
S&P 500 2470 0.17%
DAX 12834 0.65%
WTI Crude Oil 47.17 -2.42%
GOLD 1284.00 0.45%
Bitcoin 2779 -4.23%
EUR/USD 1.1202 0.07%

The recent trends of the global markets are on again as the Dollar continues to struggle, defining the worldwide sentiment. European stocks, especially the German DAX index are still showing weakness. The Euro hit yet another 2-year high near the 1.18 level, and the EUR/USD pair is quickly approaching the crucial 1.20 zone that marked major turning points several times in the past few years. US stocks are virtually unchanged today, with the NASDAQ failing to recover from Thursday’s mini flash-crash so far. Oil breached the $50 per barrel level today in early trading, before running into resistance and bouncing lower after a very bullish week.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

DAX, 4-Hour Chart Analysis

Gold is consolidating as well, below the $1275 level, well within its short-term uptrend, as the US political battles coupled with the recent tensions regarding North Korea, and the dovish change in the Fed’s rhetoric all help precious metals. The slightly better than expected Eurozone inflation data and Unemployment Rate weighs on the metals today, while giving another boost to the Euro, but a rally towards the $1300 price level still looks likely in the coming weeks. The other major currencies are less active today, with the Pound and the Aussie waiting for the rate decisions of the Bank of England and the RBA on Thursday and tomorrow respectively.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Cryptocurrencies

Cryptocurrencies still show a clear divergence between Bitcoin and the other major coins, as BTC is showing strength, while rest of the market is trading sideways at best. All eyes are on tomorrow’s Bitcoin-fork initiative but with the clear solution regarding the SegWit activation, the expected nervousness is not showing in the market. As there is no strong downside momentum present, the current consolidation will likely resolve in a bullish manner, especially following the deep one-month long correction that dragged the majors down by 30-60%.

 

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //

BTC and ETH diverging, 4-Hour Chart Analysis

Technical Picture

The S&P 500 is still trading near its all-time highs as it is helped by the decline in the Dollar and the positive short and long-term technical setup. Crucial support is found at 2450 while the rising long-term trendline is currently at 2380. With the earnings season still being in its prime, choppy trading is expected to continue this week, and the recent volatility in the NASDAQ could also be a warning sign, but above the 2450 level bulls remain in command.

S&P 500 Futures, 4-Hour Chart Analysis

Key Economic Releases on Monday

Time, CET Country Release Actual Expected Previous
3:00 CHINA Manufacturing PMI 51.4 51.5 51.7
3:00 CHINA Non-Manufacturing PMI 54.5 54.9
8:00 GERMANY Retail Sales 1.1% 0.3% 0.5%
11:00 EUROZONE Flash CPI 1.3% 1.3% 1.3%
14:30 CANADA RMPI -3.7% -3.2% -1.8%
15:45 US Chicago PMI 58.9 60.2 65.7
16:00 US Pending Home Sales 1.5% 1.1% -0.8%

Key Economic Releases on Tuesday

Time, CET Country Release Expected Previous
6:30 AUSTRALIA RBA Rate Decision 1.5% 1.5%
6:30 AUSTRALIA RBA Statement 116.2 118.9
10:30 UK Manufacturing PMI 54.4 54.3
11:00 EUROZONE Prelim GDP 0.6% 0.6%
14:30 US PCE Price Index 0.1% 0.1%
14:30 US Personal Spending 0.1% 0.1%
16:00 US ISM Manufacturing PMI 56.4 57.8

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR letusallunite

    Posted on 12:06 am August 1, 2017.

    Mate, the figure “BTC and ETH diverging, 4-Hour Chart Analysis” is incorrect.

  • View Comments (2) ...
    Navigation
    The team:
    Dmitriy Lavrov
    Analyst
    Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
    Jonas Borchgrevink
    Founder
    Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
    P.H. Madore
    ICO Analyst
    P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
    Mate Csar
    Analyst
    Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
    Justin O’Connell
    Journalist
    Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
    Mati Greenspan
    Analyst
    Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
    Rakesh Upadhyay
    Analyst
    Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
    Pamela Meropiali
    Account Manager
    Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
    Joseph Young
    Journalist
    Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
    The division between BTC and the other major coins is…