Eur/usd - page 422
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EUR/USD Weekly Outlook: Traders Awaiting Draghi's Stance on Resilient Euro The euro is not looking very positive as the pair eased from the six month highs and the short-term momentum looks bearish, but investors will most likely wait for Mario Draghi's press conference, which might cause extreme volatility.
The European macro calendar starts on Tuesday, with the euro zone's current account for February, along with the German ZEW survey for April. Current account figures will be closely watched as the surplus is still high and that should support the euro on currency markets.
Focus will then shift to the European Central Bank meeting on Thursday. The ECB is expected to make no changes to monetary policy, however Mario Draghi's presser will be of major importance, i.e. whether the head of the ECB sees the current "stronger" euro as a problem.
Friday will see manufacturing and services PMIs for April across the euro zone, along with Italian retail sales.
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On the last Friday’s session the EURUSD went back and forward without any clear direction but managed to close in the green however in the middle of the daily range, in addition closed within the previous day range, suggesting lack momentum and indecision among investors.
The pair is trading below the 10-day moving average that is acting as a dynamic resistance but is above the 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: A daily resistance at 1.1459, the 10-day moving average at 1.1355 (resistance), the previous swing high at 1.1342 (resistance), a daily support at 1.1237, the 50-day moving average at 1.1174 (support) and a previous swing low at 1.1144 (support).
BNP Paribas advised purchases of EUR / USD. Analysts do not expect strong growth, but predict that recovery to levels around $ 1.16 is quite possible scenario. The bank reported that opening long positions in EUR / USD at $ 1.1290 with a stop at $ 1.1140 and objective of $ 1.16.
Euro / dollar was down momentum last week, forming a bottom of 1.1233. Short-term expectations are low to test 1.1200 - 1.1150. Immediate resistance is at 1.1335. A clear break and daily close above that area could lead price to neutral zone as direction would become unclear, possibly re-testing 1.1500. The main technical outlook is neutral.
Key levels to watch for:
Support: 1.1232; 1.1143;
Resistance: 1.1407; 1.1439.
The US dollar fell against its main currency rivals on Friday after poor US data awake anxiety about the state of the economy. The currency pair EUR / USD climbed to 1.1282.
If there is a closing of the resistance at 1.1439, this will give greater priority to rise. If the price crosses briefly and not close above the resistance level, it will give strength to the argument that it is more likely to withstand the resistance test.
The EUR/USD is trading higher today after technicals influenced the market participants. The pair reached 1.1274 in today's session and is now trading slightly above 1.13. Currently, price is resting on support level and bulls may try to push prices above 1.14.
EUR/USD: Pair Hovers Around $1.13 in Calm Session The EUR/USD pair was treading water on Monday and was spotted 0.35% higher on the day, trading around $1.1310, with only very small movements during the London session.
As there was no deal last night in Doha to freeze oil production, oil plunged around 7% late on Sunday, but managed to recover slightly and was trading just 5% lower on Monday. This caused a risk-off environment that benefited the yen and sent stocks lower, yet the EUR/USD pair totally disregarded the news and stayed anchored to $1.13.
Later in the day, New York Federal Reserve Bank President and the permanent voting member of the Federal Open Market Committee (FOMC) William Dudley will deliver opening remarks at a conference on trans-Atlantic divergence in New York. His remarks might bring some volatility given Dudley's voting status on the monetary policy committee.
Some important European figures will be released on Tuesday, including the euro zone's current account for February, with another surplus expected, which should keep the euro bid. Moreover, German ZEW surveys are due for April and they are projected to improve marginally.
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EUR/USD felt no thrills after Doha meeting and stayed calm around 1.13.