7 May 2015
EUR/USD: What to do with the pair? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that EUR/USD turned lower after reaching a fresh 3-month high of 1.1391.
Key Quotes:
"Weighed by a strong weekly unemployment claims report in the US ahead of the release of Nonfarm Payrolls on Friday, and some negative headlines coming from Greece. The Eurogroup has announced a deal won't be reached by Monday as previously suggested, and scheduled a new meeting for May 11th to continue the negotiations."
"Earlier in the day, the macroeconomic data coming from Europe showed that the Retail PMI for the region rose to a fresh 10-month high in April, although German Factory orders for March rose by 0.9% against the 1.5% advance expected."
"The technical picture is bearish in the short term, as the 1 hour chart shows that the price fell below a bearish 20 SMA, currently around 1.13.20, whilst the technical indicators are losing their bearish strength near oversold levels."
"In the 4 hours chart however, the 20 SMA maintains a clear bullish slope below the current level, whilst the Momentum indicator turned lower well above 100 and the RSI indicator turned flat around 55, limiting chances of a stronger advance."
"The pair may consolidate during the upcoming Asian session, as investors will be waiting for the release of US employment figures to decide what to do next with the pair."
Key Quotes:
"Weighed by a strong weekly unemployment claims report in the US ahead of the release of Nonfarm Payrolls on Friday, and some negative headlines coming from Greece. The Eurogroup has announced a deal won't be reached by Monday as previously suggested, and scheduled a new meeting for May 11th to continue the negotiations."
"Earlier in the day, the macroeconomic data coming from Europe showed that the Retail PMI for the region rose to a fresh 10-month high in April, although German Factory orders for March rose by 0.9% against the 1.5% advance expected."
"The technical picture is bearish in the short term, as the 1 hour chart shows that the price fell below a bearish 20 SMA, currently around 1.13.20, whilst the technical indicators are losing their bearish strength near oversold levels."
"In the 4 hours chart however, the 20 SMA maintains a clear bullish slope below the current level, whilst the Momentum indicator turned lower well above 100 and the RSI indicator turned flat around 55, limiting chances of a stronger advance."
"The pair may consolidate during the upcoming Asian session, as investors will be waiting for the release of US employment figures to decide what to do next with the pair."