Eur/usd - page 419
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EUR/USD marked a fall during yesterday's session amid a relatively volatile trading. The daily extreme values were reached respectively at 1.1453 and 1.1337 and after all the pair finished at known ground - 1.1376. Technically the bulls continue to dominate. Levels at 1.1435/50 remain a major challenge.
Yesterday EURUSD tried to rally but found enough resistance to turn around, giving back to the market all its gains and closed near the low of the day, however managed to close within the previous day range, suggesting a weak bearish momentum.
The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
This week the pair consolidated its gains and is having a tough time in pushing upward. So if you’re experienced a lot of losses this week try not get emotional affected because this week the pair has been extremely difficult to trade, let’s see what the next week will bring.
The key levels to watch are: A daily resistance at 1.1555, other daily resistance at 1.1456, the 10-day moving average at 1.1370 (support), the previous swing high at 1.1342 (support) and daily support at 1.1237.
EUR/USD Weekly Outlook: US Macro Data Likely to Set Direction As there are only one or two important sets of EU macro data, market participants will more than likely focus on US data, along with many Federal Reserve (Fed) speakers during the week ahead.
The EU macroeconomic calendar starts on Tuesday with German inflation figures for March (CPI and HICP indices), which will most likely confirm that inflation rose in the biggest EU economy in March.
French CPIs for March are due on Wednesday, followed by euro zone industrial production data for February, with analysts predicting a steep decline from previous levels, which might undermine the single currency.
Thursday will bring the euro zone's CPI for March, which is projected to soar to 1.1% month-on-month, up from 0.2% booked in February. The yearly change should stay at -0.2% and the core gauge is expected at 1.0%.
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EUR/USD forecast for the week of April 11, 2016 The EUR/USD pair went back and forth during the course of the week, settling on a neutral candle. The 1.14 level should continue to be the beginning of significant resistance, which of course extends all the way down to the 1.15 handle. With this being the case, we have no interest whatsoever in going long until we get above the 1.15 handle. As far as pullbacks are concerned, we could find support below that would offer enough value to start buying again as the pair has certainly shown quite a bit of strength recently.
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EUR/USD reaches highest closing level in 5 months, amid lower U.S. GDP EUR/USD closed above 1.14 for the first time since mid-October, as the dollar remained near five-month lows on Friday, after the Federal Reserve Bank of Atlanta said on Friday that U.S. GDP hardly grew during the first quarter.
The currency pair traded between 1.1338 and 1.1454, before closing at 1.1402, up 0.22% on the session. The euro ended the week slightly higher against the dollar, closing above 1.13 for the eighth consecutive session. Since the Fed elected to lower its long-term interest rate forecast on March 16, the euro has soared by more than 2.6% against its American counterpart.
EUR/USD likely gained support at 1.0538, the low from December 3 and was met with resistance at 1.1496, the high from Oct. 15.
On Friday morning, the Atlanta Fed said its GDPNow forecast model lowered estimates of first quarter growth to 0.1%, from previous forecasts of 0.4% earlier this week. The revisions were made following a report released by the U.S. Census Bureau earlier on Friday, which detailed sharp declines in wholesale trade inventories in February. For the month, wholesale sales dropped for the fourth straight period, while auto inventories plunged by 1.0%, suffering its largest decline since September, 2013. As a result, the forecast for the contribution of inventory investment to first-quarter real GDP growth fell from Minus–0.4 percentage points to Minus–0.7 percentage points, the Atlanta Fed said in a statement.
Federal Reserve chair Janet Yellen, meanwhile, attempted to reassure investors on Thursday evening that the U.S. economy remains on solid footing even as she has expressed hesitancy to raise interest rates due to increased global financial risks. Yellen made the comments at a panel discussion at the International House of New York alongside former Fed chairmen Ben Bernanke and Paul Volcker.
"This is an economy on a solid course, not a bubble economy," Yellen said. "It has made tremendous progress from the damage of the financial crisis."
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The main support for the current bullish momentum is located around $1.1330, where pinned previous peaks. While staying above, the outlook remains bullish with marking next target at $1.1450, despite the consolidation from the few past days.If the support slumps, the euro eventually will plunge to $1.13 or lower, with another major bullish support at $1.12.
EUR/USD: Euro Extends Gains as Greenback Slumps The euro gained against the greenback on Monday as the dollar dropped against all its major peers. In a quiet day datawise, traders will look to Federal Reserve (Fed) speakers later in the day for some inspiration.
The pair traded 0.11% higher at $1.1414 on Monday morning in Europe, rising more than 5% since the start of the year.
The dollar index dropped 0.19% and traded at 94.07 on Monday.
The single currency continued its streak of gains, consolidating in a narrow range, attacking the $1.1450 handle and held by the $1.1330 support. In case of a break out, the movements on the pair might be steep and volatile.
This week will be full of speeches from senior Fed officials and markets will follow them closely for hints on the Fed's next policy moves.
Most recent speeches have mirrored Chair Janet Yellen and turned dovish. The next Federal Open Market Committee (FOMC) takes place on April 26-27, with plenty of time for officials to slightly shift expectations on future policy.
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On the last Friday’s session the EURUSD initially fell but quickly recovered and closed in the middle of the daily range with a narrow range, creating an inside day, in addition closed within the previous day range, suggesting lack momentum and indecision among investors.
The pair is trading above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: A daily resistance at 1.1555, other daily resistance at 1.1456, the 10-day moving average at 1.1372 (support), the previous swing high at 1.1342 (support) and daily support at 1.1237.
Euro retreats as equity markets rally 11 April It's been a quick turnaround in the last hour as European equities turn higher EURUSD has been down to 1.1372 from 1.1428 highs earlier with EURGBP falling through 0.8050 support. That has coincided with GBPUSD popping up through 1.4150-55 supply and report of stops being triggered on both to post 1.4196 and 0.8020.
Update 08.16 GMT
Blink and you miss it. GBPUSD now taken out 1.4200 offers to post 1.4228 with EURGBP falling to 0.8005. Offers nearby at 1.4230 and 1.4250.
USDJPY up to 108.20 as GBPJPY continues to exert its influence with traders reporting large buy flows.
EURUSD finding demand as EURJPY buyers return led by GBPJPY rally.
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The EUR/USD is trading higher today but it still remains in the range it's been in for the past few days. Once we see a break above 1.1460 then we might conclude that the sideways movement is over and the pair will go further up. Currently the EUR/USD is trading at 1.1435.