30 May 2014
EUR/USD deflates from highs
FXStreet (Edinburgh) - The recent EUR bull attempt seems to be running out of legs, with the EUR/USD now easing from highs near 1.3650 towards the 1.3640/35 band.
EUR/USD focus on PMIs, CPI, ECB
The EUR’S tortuous pilgrimage since 2014 peaks just shy of 1.4000 the figure is about to face a decisive stop: the ECB meeting due on June 5th, surrounded by innumerable speculations regarding the alternatives of the central bank to ease further its monetary policy. However, there are a couple of not minor released prior to the crucial meeting: the final May manufacturing PMI prints and flash German CPI (Monday), EMU’s advanced May CPI (Tuesday) and the GDP figures in the euro bloc during the first quarter (Wednesday). It will undoubtedly be a critical week for the single currency, and all ahead of US May Payrolls due on Friday. Camilla Sutton, Chief FX Strategist at Scotiabank, assessed that the euro’s technicals are bearish in the short term, as “technical studies warn of downside risk in EUR. In addition, with the RSI at just 33, there is still room before reaching oversold levels. Support lies at the recent low of 1.3586; resistance lies at the 200-day at 1.3644”.
EUR/USD significant levels
At the moment the pair is up 0.26% at 1.3637 and a break above 1.3644 (200-d MA) would expose 1.3655 (Tenkan Sen) and finally 1.3669 (high May 27). On the downside, the immediate support lines up at 1.3599 (low May 30) ahead of 1.3586 (low May 29) and then 1.3585 (low Feb.13).
EUR/USD focus on PMIs, CPI, ECB
The EUR’S tortuous pilgrimage since 2014 peaks just shy of 1.4000 the figure is about to face a decisive stop: the ECB meeting due on June 5th, surrounded by innumerable speculations regarding the alternatives of the central bank to ease further its monetary policy. However, there are a couple of not minor released prior to the crucial meeting: the final May manufacturing PMI prints and flash German CPI (Monday), EMU’s advanced May CPI (Tuesday) and the GDP figures in the euro bloc during the first quarter (Wednesday). It will undoubtedly be a critical week for the single currency, and all ahead of US May Payrolls due on Friday. Camilla Sutton, Chief FX Strategist at Scotiabank, assessed that the euro’s technicals are bearish in the short term, as “technical studies warn of downside risk in EUR. In addition, with the RSI at just 33, there is still room before reaching oversold levels. Support lies at the recent low of 1.3586; resistance lies at the 200-day at 1.3644”.
EUR/USD significant levels
At the moment the pair is up 0.26% at 1.3637 and a break above 1.3644 (200-d MA) would expose 1.3655 (Tenkan Sen) and finally 1.3669 (high May 27). On the downside, the immediate support lines up at 1.3599 (low May 30) ahead of 1.3586 (low May 29) and then 1.3585 (low Feb.13).