Eur/usd - page 459
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
EUR/USD: Euro Steps From Intraday High, Beaten by $1.11 Again
The euro pared earlier gains against the greenback during the US session on Tuesday, despite a set of weaker-than-expected data from the US.
Earlier in the morning, the Bureau of Labor Statistics showed that the JOLTS job openings reached only 5.500 million in May, missing the anticipated 5.630 million, and declining from 5.788 million booked previously.
Wholesale inventories increased 0.1% in May, a significant slowdown from the revised 0.7% seen in April, while the market survey had expected a 0.2% hike over the month.
However, the buck was once again saved by the technical resistance at $1.11 as the EUR/USD failed to breach this obstacle for the fifth business day in a row.
Therefore, the EUR/USD was trading 0.21% elevated at $1.1081, falling from an intraday high of $1.1126 reached during the European trading session.
Yesterday EURUSD tried to rally but found enough resistance to give back most of its gains to the market although managed to close in the green but near the low of the day, in addition closed within the previous day range, which suggests being slightly on the bearish side of neutral.
The pair continues to trade below all 3 moving averages the 10, 50 and 200 that should act as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1198 (resistance), the 200-day moving average at 1.1102 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1086 (resistance) and daily support 1.0900.
Pair Erases Losses, Turns Positive
The EUR/USD pair wiped out earlier losses and was trading somewhat higher heading into the US session, hovering around $1.1080.
Data released earlier in the day showed that euro zone industrial production for May crashed to -1.2% month-on-month, well down from 1.4% booked previously. The yearly measure slowed notably to 0.5% from 2.2% scored in April.
"Eurozone industrial production can be erratic from month to month, as is evident from its recent performance, and some rebound is certainly possible in June. Indeed, June survey evidence from the purchasing managers was relatively encouraging. Specifically, the purchasing managers reported that overall Eurozone manufacturing activity was at a six-month high in June," Howard Archer, Chief UK + European Economist at IHS Global Insight said after the release.
From the US dollar perspective, the import price index for June is due and should deteriorate notably month-on-month to 0.5% from 1.4% scored in May. Moreover, the Federal Reserve's beige book will be released.
read more
The euro recorded an increase against the dollar on Wednesday. The single currency justified the positive expectations and managed to gain positions. However, the pair still remains far from the resistance at 1.1183. If bullish sentiment continue in the future, the key level will be tested. The session started at 1.1059 and closed 29 pips higher.
Yesterday EURUSD rose with a wide range and closed in the green, near the high of the day, however managed to close within the previous day range, which suggests being slightly on the bullish side of neutral.
The pair managed to close above the 10-day moving average that now should act as a dynamic support but continues to trade below 2 moving averages the 50 and 200 that are acting as dynamic resistances.
The key levels to watch are: The 50-day moving average at 1.1193 (resistance), the 200-day moving average at 1.1105 (resistance), a daily resistance at 1.1097, the 10-day moving average at 1.1082 (support) and daily support 1.0900.