EUR Trading Outlook
AUD/USD: Pivot still holding at 0.9315, the AUD had been making lower low for two days now. Next support level at 0.9210, a break through would lead bears to target 0.9150 area.
EUR/USD: The initial rally of EUR/USD stalled by spec offers in the 1.3850/60 zone. As U.S data came out well, the pair spiked down to 1.3780/90 support zone. Increased tensions in Russia/Ukraine then sank the USD, the EUR/USD bounced back to 200 hour MA. Little data due for today, action could off from JPY crosses and other possible headlines from Russia and Ukraine.
The AUD: With current short term high being set (0.9460) and a disappointing CPI data, bears could use this opportunity to try and push the pair lower. Current pivot point at 0.9250 and resistances comes in at 0.9315 and 0.9350.
EUR/USD: A relatively better than f/c EZ PMIs, the rally for the pair began to a high of 1.3855. However, the pair was unable to break the resistance of 1.3860-65 regions and slid back to 1.3840 as NY opened. NY session continued to pressure the pair to technical support in the 1.3820/25 zone. The 200 hour MA and the 50% Fib of 1.3785-1.3855 sat in that zone and were tested just before the US housing data was released. ECB Nowotny stated that it wouldn't rule out QE program to buy sovereign bonds but the time for QE action shouldn't be taken before June. Market now awaits for ECB Draghi's statement.
AUD/USD: As mentioned above, market awaits for the data. For now, big range trades still in play, 0.9300-0.9400. The pair need to break either 0.9300 for downward trend or 0.9460 (recent high) for a test of 0.9540.
EUR/USD:The pair bounced off the support near 1.3780 as early action saw narrower yield spreads which gave a boost to the pair. NY walked in and further pushed the pair to a session high of 1.3825 in an effort to run stops above 1.3830. However, push was limited and the EUR quickly slid back to a NY low of 1.3789 as a spike higher in US yields put a broad bid into the USD. Numerous EZ PMI for April will be due today, a soft read may lead to a break of 1.3780.
The AUD: Bulls are heartened by the crossing of longer term moving averages (40 and 200 DMA). The pair remain strong and technically solid on the major crosses, holding above the 200 DMA against USD, EUR, JPY and CAD. Current short term key support of 0.9290/0.9300 is worth to watch, as a break through it could lead more bears jump in.
EUR/USD: The thin rally throughout public holiday was capped by the 10 DMA and a high of 1.3830 was touched as USD/JPY failed to break Asia's 102.71 high. The pair then broke below 1.3805/10 support and hit a low of 1.3787 as EUR crosses was pressured. Techs shows some bearish signs, day/week RSI lean bearish and the pair has pierced the 21 DMA & daily cloud top. Stops are below 1.3780 and may attract early Asia sell off if no recovery takes hold soon. A break below 1.3780 could see a quick move towards 1.3700/20.
Go to Euro (EUR) Archive