EUR/USD Finds Acceptance Above 1.14 Handle
EUR/USD
has found a balance area between 1.1420 and 1.1430 in Asia, with market
makers keeping the pair in as tight a range as it gets, following the
strong appreciation from 1.1370 lows up towards 1.1445 highs on
Thursday.
Friday's EU/US economic reports hold the key
While Thursday offers little in the way of economic data in Europe nor
US, with EU Industrial production and French final CPI and US
unemployment claims the only events to outline. Amid the absence of
market moving economic indicators, the pair will be driven by EU/US
yield spread between the EU/US, and risk on/off flows. The main event
for the Euro comes Friday, when both Germany and the European Union
publish its preliminary Q1 GDP data, while in the US, retail sales,
consumer sentiment and PPI are due.
EUR/USD: Question is which one breaks, 1.13 or 1.15?
Kathy Lien, Co-Founder at BK Asset Management, shares her view on the
EUR/USD, noting that "today's recovery keeps the uptrend in the currency
pair intact but there's significant resistance above current levels at
1.1465 (early April consolidation high), 1.1500 and 1.1.1615 (May
high)." In Kathy's opinion, the question now is "whether EUR/USD breaks
1.1500 or drops below 1.1300 which will be determined by Friday's
economic reports."
