Eur/usd - page 445
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EUR/USD: Pair Dwells Near 4-Wk High, Finding New Balance
The euro currency pared its minor gains against the greenback during US market hours on Tuesday, although the EUR/USD stayed in a directionless trading mode for the second business day in a row.
Investors opted for a period of tranquillity following the steep jump of about 350 pips since June 3, induced by severely weaker non-farm payrolls in May, which most probably snapped the chance of the Federal Reserve (Fed) raising interest rates at its meeting next week.
On Monday, the EUR/USD was seen 0.01% higher at $1.1355, staying within a narrow range of approximately 50 pips. As a result, the cross was trading near its four-week high of $1.1393 seen on Monday.
Yesterday EUR/USD was trading in a narrow range for a second day in a row and the single currency remained almost unchanged at a level of 1.1355. The daily high was reached at 1.1379and the low at 1.1338. The current consolidation might test the psychological level at 1.1400.
Yesterday EURUSD went back and forward without any clear direction but still closed in the red, in the middle of the daily range, in addition managed to close within the previous day range, which suggests clearly neutral market, neither side is showing control.
Looks like EURUSD is in compression mode due to the narrow ranges that is making since Monday and to the inside day that it made yesterday. So get ready for an expansion day in the few days to come.
The pair is trading above the 10, 50 and 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1460, the 50-day moving average at 1.1301 (support) and a daily support at 1.1237.
EUR/USD: Euro Meanders Around $1.14 on US Dollar Weakness
The US dollar has been under broad selling pressure on Wednesday and the EUR/USD pair managed to attack the $1.14 mark as a result. In the US afternoon session the pair was trading in a tight, 20 pips wide range between $1.1390 and $1.1410, up some 0.40% on the day.
"We open a fresh EUR/USD long at 1.1358, stop 1.1240. Softer US retail sales could weigh on the USD while the FOMC is likely at best neutral if not negative for the USD too. The key US core control retail sales group is due a correction after last month's unsustainably strong 0.9% gain," analysts at WIB said in presenting their trading idea on Wednesday.
The main support is around $1.1370, where previous highs are located and near the 23.6% Fibonacci Retracement level of $1.1365, which served as a solid resistance for three continuous sessions until Tuesday.
Should the pair breach the $1.14 mark, a further rise toward May 11 highs at $1.1445 is expected. The day's outlook is bullish.
On Wednesday session EUR/USD was trading in a tight 20 pips wide range. The pair added nearly 40 pips to a closing price of 1.1393. The intraday high was hit at 1.1410 which is a three-week high and the daily low was marked at 1.1354. Currently the pair remains limited by the psychological level at 1.1400, but the outlook is bulish. Possible break will target EUR/USD to 1.1465.