Eur/usd - page 440
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Yesterday EURUSD rose with a wide range and closed in near the high of the day in addition managed to close above the previous day high, suggesting a strong bullish momentum. The question now is: does it have the strength to close above the 10-day moving average?
The pair is trading below the 10 and the 50-day moving averages that are acting as dynamic resistances although still trading above the 200-day moving average that is acting as a dynamic support.
The key levels to watch are: The 50-day moving average at 1.1332 (resistance), the 10-day moving average at 1.1218 (resistance), a daily resistance at 1.1237, a swing low at 1.1141 (support) and a daily support at 1.1097.
EUR/USD Weekly Outlook: Heavy Week Ahead, Focus on ECB & US Data
The European calendar starts on Monday with French GDP figures for the first quarter. Later in the day, German inflation indices are due for May, including CPI and HICP, with inflation projected to pick up in the euro zone's biggest economy.
More German data will be released on Tuesday. Domestic retail sales for April should improve month-on-month, while the unemployment rate should remain at 6.2% in May. Furthermore, the euro zone's CPI estimate for May is forecast to tick higher to -0.1% from -0.2%, while the unemployment rate is forecast to remain at 10.2%.
Manufacturing PMIs across the euro zone will be released on Wednesday, but no more important data are seen in the European calendar for the rest of the day. Focus will then shift to Thursday's European Central Bank (ECB) monetary policy decision.
The ECB should leave monetary policy unchanged, with the main refinancing rate projected at 0.0%. The press conference will be of major importance, but a neutral tone is expected from Bank President Mario Draghi.
Friday will bring services PMI from the euro zone, along with retail sales for April, which are forecast to pick up month-on-month.
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EUR/USD forecast for the week of May 30, 2016
The EUR/USD pair fell slightly during the course of the week, as we continue to grind lower. At this point in time, we think that the market could very well struggle and continue to fall from here. However, there should be a significant amount of support near the 1.10 level below, so more than likely we will bounce from there, so this is going to be a market that although volatile, certainly looks like it’s going to continue to be bearish. Quite frankly, we prefer to trade this market off of shorter-term charts thoug
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On Friday session the euro marked a negative session against the US dollar, pressured by Yellen’s speech. The euro lost 80 pips and the bottom for the day was struck shortly before the end of the session at 1.1110. EUR/USD started the week with relatively shaky trading and hovering around 1.11. As no major macro news is expected today, the pair will be seen in a tight range.
On the last Friday’s session Janet Yellen opened the door to an interest hike in the upcoming months pushing the EURUSD into a dive with a wide range and closed near the low of the day, in addition managed to close below the previous day low, suggesting a strong bearish momentum.
The pair is trading below the 10 and the 50-day moving averages that are acting as dynamic resistances although still trading above the 200-day moving average that is acting as a dynamic support.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1198 (resistance), a swing low at 1.1141 (resistance), a daily support at 1.1097 and the 200-day moving average at 1.1072 (Support).
The euro marked a slight increase against the dollar on Monday. Although the bulls prevailed, the single currency failed to recover the lost ground from the end of last week. However, short-term expectations are in favor of the euro. In this case the pair may try yo test the resistance at 1.1226. Support is seen at 1.1069 and 1.0998, and resistance at 1.226 and 1.1291.
Yesterday EURUSD initially fell but found enough support at 1.1097 to reverse and closed near the high of the day however did not had the strength to close above Fridays high, which suggests being slightly on the bullish side of neutral.
The pair is trading below the 10 and the 50-day moving averages that are acting as dynamic resistances although still trading above the 200-day moving average that is acting as a dynamic support.
The key levels to watch are: A daily resistance at 1.1237, the 10-day moving average at 1.1170 (resistance), a swing low at 1.1141 (resistance), a daily support at 1.1097 and the 200-day moving average at 1.1070 (Support).