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25 May 2015
EUR/USD pressured while below 1.1040-50 – Vladimir Mihaylov
FXStreet (Barcelona) - Independent Analyst, Vladimir Mihaylov, gives the outlook for EUR/USD into the US durable goods data release tomorrow, and further notes failure to rise above 1.1040-50 will lead the pair to test the support at 1.0960.
Key Quotes
“EUR has closed last week at 1.1000 level, currently it trades a little below it but we have a good support at 1.0960-80 area where is the Daily Senkou Span B price of the negative cloud. This serves as a strong support line. I do not expect this to be broken easily because this week's economic data not seem much dollar positive. Today is a non-working day in Germany, UK and USA, and some other countries and the markets will remain closed, so i expect low volatility and tiny range moves for today.”
“On Tuesday US durable goods orders and consumer confidence will be released and expectations are for worse than previous data. This may help the EUR to recover quick above 1.1050. Upside move will be fully restored once above 1.1200.”
“Indicators on Daily are mostly bearish but the downside speed has decreased significantly and with a little fundamental help we may recover to the upside soon. However on H4 things seem worse for the bulls.”
“We are currently below the SMA200 support at 1.1000 and all other indicators point to south. If later today or tomorrow we are not able to break above 1.1040-50 then it is quite possible to test and break the 1.0960 support.”
“Weekly close below 1.0950 will put the EUR in a free fall state and set the target at 1.0500. Weekly upside target is now limited by 1.1515.”
Key Quotes
“EUR has closed last week at 1.1000 level, currently it trades a little below it but we have a good support at 1.0960-80 area where is the Daily Senkou Span B price of the negative cloud. This serves as a strong support line. I do not expect this to be broken easily because this week's economic data not seem much dollar positive. Today is a non-working day in Germany, UK and USA, and some other countries and the markets will remain closed, so i expect low volatility and tiny range moves for today.”
“On Tuesday US durable goods orders and consumer confidence will be released and expectations are for worse than previous data. This may help the EUR to recover quick above 1.1050. Upside move will be fully restored once above 1.1200.”
“Indicators on Daily are mostly bearish but the downside speed has decreased significantly and with a little fundamental help we may recover to the upside soon. However on H4 things seem worse for the bulls.”
“We are currently below the SMA200 support at 1.1000 and all other indicators point to south. If later today or tomorrow we are not able to break above 1.1040-50 then it is quite possible to test and break the 1.0960 support.”
“Weekly close below 1.0950 will put the EUR in a free fall state and set the target at 1.0500. Weekly upside target is now limited by 1.1515.”