Eur/usd - page 254
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German ZEW economic sentiment falls to 53.3 in April from 54.8
German economic sentiment deteriorated unexpectedly in April, dampening optimism over the health of the euro zone's largest economy, industry data showed on Tuesday.
In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment declined by 1.5 points to 53.3 this month from March’s reading of 54.8. Analysts had expected the index to improve by 0.5 points to 55.3 in April.
The Current Conditions Index improved to 70.2 this month from 55.1 in March, better than expectations for a rise to 56.0.
Meanwhile, the index of euro zone economic sentiment increased to a 14-month high of 64.8 in April from 62.4 in March, above forecasts for a gain to 63.7.
On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.
EUR/USD was trading at 1.0680 from around 1.0682 ahead of the release of the data, while EUR/GBP was at 0.7182 from 0.7181 earlier.
Meanwhile, European stock markets were broadly higher. Germany's DAX jumped 1.25%, the EURO STOXX 50 rose 0.7%, France’s CAC 40 advanced 0.6%, while London’s FTSE 100 eased up 0.3%.
source
Euro Jumps Higher, Squeezes Dollar Longs
The dollar failed to hold intraday gains and came under selling pressure during the US session, as longs were squeezed out for no apparent macroeconomic or fundamental reason. The EUR/USD pair jumped from $1.0660 to $1.0760 and dollar bulls were retreating. The dollar was seen broadly lower, except against the yen.
Earlier in the day, The German Economic Sentiment Index printed 53.3, edging lower from last month's 54.8, while the Current Situation Index skyrocketed to 70.2 in April from the prior 55.1.
The main focus, when trading the euro, remains the catastrophic situation in Greece. On Monday, Greece decreed that the country's local governments would be obliged to transfer idle cash reserves to the Greek central bank. This can be interpreted as capital confiscation and lead to capital controls.
The country could well head into another severe bout of protests and demonstrations and far from improving, the situation is instead rapidly deteriorating.
According to the CFTC and Rabobank, EUR shorts have back-stepped further from their late March peak but remain at elevated levels, as the ECB’s bond-buying plan progresses and as the situation between Greece and its creditors remains fractious. USD longs, which have been consolidating for the last three weeks, picked up ground again last week, but remain below their March peaks.
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It's weird how the price is unable to break the support or the resistance levels and remain in the range.
Euro edges higher in quiet trade
The euro edged higher on Wednesday but concerns over Greece’s debt negotiations continued to weigh on the single currency in subdued trade.
EUR/USD was up 0.19% to 1.0757, off Tuesday’s lows of 1.0659.
The Greek government is no closer to reaching an agreement with its euro zone partners and the International Monetary Fund over economic reforms required to access remaining bailout funds, fuelling fears that the country could be forced out of the euro zone.
On Tuesday Bloomberg reported that the European Central Bank is considering tighter rules on Greek banks in return for emergency liquidity, adding to pressure on Athens.
The euro was almost unchanged against the yen, with EUR/JPY at 128.54 and was close to three-month lows against the Swiss franc, with EUR/CHF at 1.0253.
Trade remained subdued with little in the way of economic data to provide fresh direction for markets.
The dollar ticked lower, with the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipping 0.235 to 97.98.
USD/JPY dipped 0.14% to 119.50, just below Tuesday’s one-week highs of 119.82.
source
EURUSD initially fell but found enough support at 1.0680 Fibonacci level to turn around and close at the open creating a Doji pattern. We may expect choppy trading ahead of the Eurogroup meeting on April 24th. The pair is being squeezed between the 10 and 50-day moving average.
Italian retail sales drop in Feb
The second Doji candle on the daily chart for the second day. the market is still undecided.
EUR/USD: Pair Rests After Up & Down Swing, Ignoring US Data
The EUR/USD pair was seen around the flatline Wednesday afternoon, experiencing moderate attempts from both bulls and later bears, during subdued trading sessions in Europe and the US. The daily charts show the euro managed to pause the correcting greenback this week, staying close to its weekly high at $1.0850 reached last Friday.
The EUR/USD cross inched 0.01% down to trade at $1.0736, retreating from an unsuccessful attempt at breaking $1.08 during the European market hours.
Investors on hold
Meanwhile, the pair almost ignored an upbeat report from the housing market, as the number of existing home sales rose 6.1% to 5.19 million on a monthly basis in March, beating an estimate of a 3.1% hike to 5.03 million, from 4.88 million recorded previously.
Even Greece did little harm to the euro amid remarks from Eurogroup chief Jeroen Dijsselbloem, who said a new deal between Greece and its international creditors should be reached in the coming weeks.
"The Fed is in the blackout period before the meeting. Markets have not been reacting that much to the Greek headlines. There are just not a lot of drivers," BNP currency strategist Vassili Serebriakov mentioned.
If Greece leaves "the euro zone you (would) get very dangerous instability," Dijsselbloem told broadcaster RTL. "It's in the interests of Greece and the euro zone as a whole to avoid that."
However, as Riga meeting looms, markets should be prepared that Greece will not unveil a list of economic reforms according Thomas Wieser, who heads the Eurogroup Working Group
"The clock is ticking. There won't be a new list in Riga, but over the course of May it must finally be reached," Thomas Wieser told Austrian broadcaster ORF late on Tuesday. "The liquidity situation in Greece is already a little tight, but it should be sufficient into June."
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German GFK consumer confidence May 10.1 vs 10.0 prev
German GFK consumer confidence May 10.1 vs 10.0 prev
Yesterday the EURUSD initially rose after a bounce on the 10-day moving average but found enough selling pressure at 1.08 psychological level to turn around and close in the red near the low of the day. We continue to see choppy trading while we wait for the Eurogroup meeting tomorrow, the 24th of April. The pair is still being squeezed between the 10 and 50-day moving average.