Eur/usd - page 423
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Today EUR/USD is testing a stronger resistance area located at 1.1330- 1.1340. A rebound over these levels might call back the bulls targeting 1.14. The support for today is seen at 1.13.
EUR/USD made a high of 1.1344 today due to major support at 1.1260. Bears were not able to push price below support and bulls successfully brought the pair back into the ascending trading channel. Major bull target 1.1530.
Yesterday EURUSD initially fell but found enough buying pressure to turn around and closed in the green, near the high of the day, however closed within Fridays day range, suggesting a weak bullish momentum.
The pair is trading below the 10-day moving average that is acting as a dynamic resistance but is above the 50 and the 200-day moving averages that are acting as dynamic supports.
The key levels to watch are: A daily resistance at 1.1459, the 10-day moving average at 1.1334 (resistance), the previous swing high at 1.1342 (resistance), a daily support at 1.1237, the 50-day moving average at 1.1186 (support) and a previous swing low at 1.1144 (support).
The euro recorded minor increase against the dollar on Monday. The single currency started the new week tentatively as the session was volatile. Bullish sentiment prevailed almost throughout, but after it was peaking for the day at 1.1331, euro losses accumulated lead. Thus, the finish line was crossed at a rate of 1.1310, only 9 pips above the opening price. Short-term expectations are in favor of the euro and thus the resistance at 1.1407 remains threatened.
Key levels to watch for:
Support:1.1232; 1.1143;
Resistance: 1.1407; 1.1439.
EUR/USD: Euro at Intraday Highs, Overlooks Risk-On Sentiment The euro was trading at intraday highs above $1.1360 during the US session on Tuesday, booking 0.5% in gains. The pair was bid and rose, despite the euro now being used for funding carry trade operations, which means it should rise in a risk-off environment and decline when there is a risk-on approach, as was the case on Tuesday.
Stocks were trading sharply higher on Tuesday, with the USD/JPY pair also spotted 0.5% stronger, but the euro refused to decline and jumped to the above-mentioned highs.
Earlier in the day, US housing starts for March were seen dropped from 1,194K to 1,089K, which was an 8.8% decline month-on-month, while building permits slid to 1,086K from 1,177K booked in February, which represented a 7.7% monthly fall. Both measures failed to meet analysts' expectations, but on the other hand, February results were revised higher.
"In short, much weaker than expected, although the data are volatile. For Q1 as a whole, starts averaged a 1133K annual rate, which is is up modestly at least from 1107K in all of last year. Permits were down a little on that basis, however, averaging 1156K in Q1 vs. 1164K in all of 2015. The homebuilder survey has also suggested some loss of upward momentum in recent months, albeit more flattening than down," Jim O'Sullivan, chief US economist at High Frequency Economics wrote in a note regarding the numbers.
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German March PPI mm 0.0% vs +0.2% expected March Producer Price Index report now out 20 April
Softer than expected but mm better than previous which tempers impact.
The disappointing US data yesterday pushed the euro to intraday highs slightly below 1.14. But despite the positive trend, the pair couldn’t break the resistance at 1.1407.
Yesterday EURUSD rose with a wide range and closed near the high of the day, in addition managed to close above previous day high, suggesting a strong bullish momentum.
The pair also managed to close above the 10-day moving average that should now act as a dynamic support as well the 50 and the 200-day moving averages.
The key levels to watch are: A daily resistance at 1.1556, other daily resistance at 1.1459, the 10-day moving average at 1.1333 (support), the previous swing high at 1.1342 (support), and a daily support at 1.1237.
Euro/dollar made upwards momentum yesterday, closing back above 1.1335. The outlook is bullish in nearest term for testing 1.1500, but not yet in the bullish pattern. Overall technical outlook remains neutral and we have a potentially strong resistance between 1.1500 - 1.1700. Immediate support is around 1.1335 - 1.1300. A clear break back below that area could lead price to neutral region for testing 1.1230/00.