EUR/USD: Starts the week higher, despite some disappointing figures

© O Financista. EUR/USD, Euro-Dollar

The pair EUR/USD starts the week up, marking a peak-to-1.1733 with the approach of the mid-day, above the top of the previous week at 1.1724.

However, some economic data released this morning does not encourage optimism, including a price index to production of the Euro Zone to 0% for the month of April compared to 0.2% expected (2% as against 2.4% expected in annual data), and an index of investor confidence Sentix in the month of June to 9.3 points against 18.5 anticipated and 19.2 above, the lowest since October, 2016.

The increase seems to be more the result of a decline in the Dollar than a bullish sentiment on the european currency, as we can confirm with the decline in the US Dollar Index since this morning.

From a graphical point of view, it may be noted that EUR/USD has taken support this morning on the area of 1.1675-80, which has several times served as a support or resistance these last few days.

After having broken above the moving average 100 hours at the beginning of last week, the EUR/USD pair confirms today a passage above the moving average 200 hours around which it fluctuated since last Thursday.

The positive profile increases, therefore, however, we can identify several resistors in the vicinity, including 1.1740-50, 1.1760-65, and then 1.1790-1.18. The downside, the first support is located at 1.1690-1.17, but it would take even the pair to drop below its moving averages 100 and 200 hours currently located at 1.1640 and 1.1665 to consider that the tendency short-term is again bearish.

In this case, the media monitor will be located at 1.1620 (low of last Friday), before 1.16, 1.1580, and 1.1500-20.

Like this post? Please share to your friends:
Leave a Reply