EUR/USD broker below the 20- and 50 - days Moving averages yesterday. The sell off was acceleretaed by the tumbling oil prices. Euro found support @ 1.5485 and now reserve managers bids are places around this level, while sell stops are building below 1.5480. Offers start from 1.5540/50 up t 1.5600 and the preferred strategy is sell on rallies. Next downside targets are 1.5365 and 1.5285
EUR/USD broke below the small uptrend line from the May 8th low. For continuation of the downmove the pair should break below the 1.5600 figure and the 20- and 50-day Moving averages (1.5564). Next targets are 1.5470 and 1.5365. Strong offers are positioned in the 1.5670 /700 area and the progress higher will be difficult. If this resistance zone is broken we can see anoter test of the stronger resistance @ 1.5820.
Progress higher in EUR/USD looks difficult. Today another attempt for break above 1.5810/20 failed. EUR sales were accelerated by softer than expected GFK consumer confidence numbers from Germany and rumours of a European bank in trouble after the ECB’s overnight lending facility was used. Watch the support @ 1.5690. If this week US data come stronger than expected we can see a break lower.
EUR/USD is still trading in a range with an upside bias. After the pair broke out of wedge chart pattern it is working its way up towards the measured target @ 1.5850. With oil prices climbing higher each day the target should be reached and probably we can see new life time high around 1.6100/10. I doubt that the EUR/USD will go beyond and probably will spend the summer between 1.5300+- and 1.6100+-. Support is @ 1.5685, 1.5600 and 1.5480. Resistance is @ 1.5815, 1.5850/60 and 1.5915.
EUR/USD completed e 61.8% correction of the downmove from the all time high @ 1.6020. The target still is 1.5850 (projection of the wedge pattern break) but a pause at the current levels is expected. Technical studies are stil supportive and any corrections should be limited @ 1.5640 and 1.5590 supports. Id the 1.5850 target is exceeded another all time high around 1.6110 is possible. The market looks ranging and could stay in this mode durign the summer.
GBP/USD is stil consolidating within its well defined descending range. Resistance is @ 1.9720 and 1.9780. If the latter level is broken we can see another test of the key 2.0000 level. Support is @ 1.9475 and break below will lead to a test of the stronger 1.5340 level. If this pivotal support gives way a much stronger decline of the cable could be expected.
EUR/USD broke out of the wedge pattern to the upside. The excuse for this were the worse than expected University of Michigan index and rumors that the April NFP figure will be revised much lower after the much weaker sum of state data. The measured move is 300 pips and the target is 1.5850. Although this is possible if the next weeks major data releases for the Eurozone come better than expected. Resistance is @ 1.5645 and 1.5710, while support is @ 1.5440 and 1.5365.
EUR/USD is consolidating within a wedge pattern. Asian CBs and sovereigns are buying EUR around the 1.5400 handle and below, while various sources are selling between 1.55 and 1.56. If the market breaks out of the wedge, a measured move of 3 big figures is expected. Probably the economic data next week (ZEW and Ifo indices) will provide the excuse for finding of direction.
Support is @ 1.5415, 1.5360 and 1.5280, Resistance is @ 1.5545 and 1.5595.
GBP/USD is trading within wedge-like pattern with downward bias. Friday support @ 1.9500 was broken but the lower boundary of the wedge was able to stop the down move. Support now is @ 1.9460 and if broken the market will target 1.9330/40. If EUR could extend its upside movement it could help the cable to overcome the 1.9600 resistnace and rally to 1.9780 and even 1.9970.
The forex market players hunted for stops below 1.5340 and obviously triggered them. Buying by reserve managers Wednesday and Thursday was able to stop the slide in EUR/USD and the pair bounced back. The bounce was helped by Mr. Trichet who is still concerned about the inflation. Key resistance levels are 1.5505/10 and 1.5590/600. If they are overtaken the euro could rally towards 1.5700 and even 1.6000. Support is @ 1.5280 and 1.5145. Probably the forex market will form summer range between 1.53 and 1.60.
