Eur/usd - page 416
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EUR/USD is trading lower after stronger than expected US monthly report. The pair was in buy mode for the week until the latest NFP data was announced and the dollar surged going back below 1.14, making a low of 1.1334. Be aware that 1.1410 is resistance and dollar bulls will try to keep price under this level.
The positive labor market data encouraged the greenback to add around 30-40 pips and EUR/USD declined below the $1.14 mark.
EUR/USD Weekly Outlook: $1.15 in Sight, Bulls Expected to Remain Aggressive As there are no major US data throughout the week, the greenback might continue its negative trend which started in the previous week, with bulls taking their chance to cap the important $1.15 level.
From the euro perspective, the unemployment rate for February is due on Monday, along with PPI indices. The jobless rate should stay at 10.3%, while inflation should pick up month-on-month, but decline on the yearly basis.
Tuesday will see the services PMI for March across the euro zone, with retail sales for February following from the single currency bloc. Moreover, German factory orders for February will be released as well and should improve markedly.
Wednesday will only bring German industrial production and as there are no US data either, volatility might be lower throughout the day.
On Friday, lots of data of a lesser importance are due, including the German current account and the trade balance, French industrial production and the Swiss unemployment rate along with inflation figures.
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EUR/USD forecast for the week of April 4, 2016 The EUR/USD pair rose during the course of the week, breaking the 1.14 level one point. We could go higher from here, perhaps reaching towards the 1.15 level, but we would anticipate quite a bit of resistance in that general vicinity. If we can break above there, the market can go much higher but at this point in time is probably easier to trade this pair from the shorter-term perspective and using short-term charts. Pullbacks should continue to offer buying opportunities on signs of support, but then again probably on short-term charts mainly.
I expect EUR/USD to reach 1.1495 next week.
During the last week bulls supported the single currency and pushed it to six-month high at 1.1437. The euro gained almost 220 pips for the week to a closing price of 1.1389. From the USD perspective, the negative trend continues with bulls trying to cap the important 1.15 level. Having in mind the overbought circumstances, correction is not excluded to 1.1290.
On the last Friday’s session the EURUSD went back and forward without any clear direction although with a wide range and closed 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 above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.
On Friday the non-farm payrolls came out better than expected at 215K however the unemployment rate came out at 5.0% showing a rise of 0.1%.
The key levels to watch are: A daily resistance at 1.1555, other daily resistance at 1.1456, the previous swing high at 1.1342 (support), the 10-day moving average at 1.1248 (support), and daily support at 1.1237.
EUR/USD is trading lower today after upbeat US data depreciated the pair going as low as 1.1334. Currently, the EUR/USD is trading at 1.1365. Major target for bears is 1.1230. Price has hit resistance and a correction is expected.
Euro Zone Investor Mood Improves Less Than Hoped in April: Sentix The mood among investors in the euro area nudged higher in April for the first time this year, but not nearly as much as economists had hoped, a survey showed on Monday.
The Sentix index, a closely watched gauge of confidence among investors and analysts in the 19-nation bloc, rose to 5.7 during the fourth month of the year, up from 5.5 seen in March.
However, it came in way weaker than economists’ forecasts that pointed to an upturn to 7.0 in April.
The current conditions sub-gauge dipped to 6.0 from 8.3 in March, while expectations sub-index rose to 5.5 from 2.8.
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Forex Strategists at Morgan Stanley noted that cautious comments by Federal Reserve Chairman Janet Yellen supported the single currency.
Analysts do not exclude the possibility of continuing growth to the area 1,16 to 1,17, but keeping these levels would be problematic. At the same time, there are compelling catalysts for downtrend in EUR/USD, so by Morgan Stanley express neutral expectations.