Friday, April 27, 2012

EUR/USD 1,3246

Equity markets retraced losses and are edging higher on a new risk tone after digesting the Spanish rating downgrade to BBB+ by the S&P agency and the higher unemployment rate at 24.4%. The EUR/USD also bounced from its lows at 1.3157 in mid-European session and rallied up above the opening price of 1.3223 to print its high at 1.3243.

Since then, the pair has been stabilizing around the opening price, with some upside pressure as the NY session is ahead with the US GDP data due at 12:30 GMT.

“1.3250 area is providing near-term resistance for EUR/USD. We feel the euro should be sold into rallies ahead of next week’s key economic data and political events, including PMIs, ECB meeting, and the ongoing political cycle”, wrote BBH analysts headed by Marc Chandler.


Tuesday, April 24, 2012

EUR/USD 1.3191

Risk sentiment continues to improve and the EUR/USD is getting closer of retracing yesterday’s losses. The American session rally pulled the pair from the opening price at 1.3155 to print a new high at 1.3218.

At the moment of writing, the EUR/USD is holding at the psychological level at 1.3200.

“A decisive close below 1.3000 is required to unlock the important multi-month reversal pattern into 1.2625 (16 Jan swing low). Meanwhile, only a sustained daily close back above 1.3228 (20th April high), puts this scenario on hold for a potential recovery into our upside target zone at 1.3460-1.3497 (200-day average)”, wrote MIG Bank analyst Howard Friend.


Tuesday, April 3, 2012

EUR/USD 1.3320

In quiet pre-Easter trade, EUR/USD remains trapped inside past days' range with focus on the release of the US FOMC minutes to the March meeting later on the session.

EUR/USD peaked at 1.3366 during the European session but couldn't sustain gains and turned lower to hit a fresh day's low of 1.3300 into the North American return. At time of writing, EUR/USD is quoting at the 1.3310 zone, where it is little changed since opening.

As for technical levels, the analyst team sees immediate supports at 1.3290, 1.3250 and 1.3190, while they place resistances at 1.3370, 1.3385 and then at 1.3485.


Monday, April 2, 2012

EUR/USD drops below 1.3300

The Euro accelerated losses against the Greenback early American session, extending its decline from a 1-week high of 1.3380 to levels below 1.3300, as comments from Fed Fisher talking down the prospects of further easing has helped to lift the USD.

EUR/USD has lost nearly a hundred pips within the last hours, breaking below the 1.3310 support level to hit a low of 1.3282 in recent dealings. At time of writing, the cross is quoting at 1.3287, 0.5% below its opening price.

In terms of technical levels, immediate supports are seen at 1.3270, 1.3250 and 1.3215, while resistances could be faced at 1.3310, 1.3350 and 1.3380.


EUR/USD 1,3296

EUR/USD climbed to a 1-week high of 1.3380 during the European session, but found strong resistance and was once again rejected from that area, sliding toward 1.3335 before finding support. At time of writing, EUR/USD is quoting at the 1.3345 area, 0.1% below its weekly opening price.

Despite several attempts within the last couple of weeks, EUR/USD has been unable to clearly overcome the 1.3380/85 zone which has been keeping the upside limited.

From a technical view, "The 4 hours chart shows indicators flat above their midlines, while price develops above 20 SMA with no much strength either side of the board", says Valeria Bednarik, chief analyst at"The upside seems quite limited, and unless an acceleration above 1.3400, more gains seem unlikely; however if above, 1.3485 is next".

To the downside, Bednarik notes that the 1.3310 floor needs to give up to see the pair extending its slide near 1.3270.