The Euro slipped to 1.2830 as
At the same time, Governing Council member
As commercial banks in the euro-area look to repay another EUR 1.1B of the
Indeed, we will look for further declines in the EURUSD as the head-and-shoulders pattern continues to play out, and we are still looking for a move back towards the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50 as it searches for support.
EURUSD Forecast The EURUSD had a strong bearish momentum yesterday after broke below 1.3150 bottomed at 1.3009. The bias is bearish in nearest term testing 1.3000 – 1.2950 key support area. A clear break and daily/weekly close below that area will turn my major technical outlook back to a bearish mode. Immediate resistance is seen around 1.3100. A clear break above that area could lead price to neutral zone in nearest term and keep price in sideways condition testing 1.3150.
The latest US economic news is helping the euro to maintain its strength in forex trading on the currency market today.
The euro is heading higher, even though there are concerns about Cyprus, as well as concerns about what could be next in Slovenia. Worries about eurozone unemployment are also being shrugged off right now.
For now, it’s all about the US dollar and the disappointing ADP data. With quantitative easing expected to continue, the euro has the upper hand. But things could change quickly. There’s a lot going on in the eurozone as well.
The Euro tumbled to 1.2971 as manufacturing and service-based activity in Europe contracted for the fifteenth consecutive month in April, while the
As the euro-area remains mired in recession,
However, as European officials become increasingly reliant on monetary support, the Governing Council may introduce more non-standard measures over the coming months, and the ECB may have little choice but to embark on its easing cycle throughout 2013 as the outlook for growth and inflation remains tilted to the downside.
EURUSD Forecast The EURUSD failed to continue its bullish momentum yesterday bottomed at 1.3001. The bias is bearish in nearest term especially if price able to make a clear break below 1.3000 testing 1.2950/00. Immediate resistance is seen around 1.3070. A clear break above that area could lead price to neutral zone in nearest term testing 1.3135. My major technical outlook remains neutral.