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15 Apr 2015
EUR/USD: it’s all about USD weakness – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, with the pair inching higher, somewhat ignoring the ECB meeting and reacting to USD weakness.
Key Quotes
“After the ECB meeting, the most interesting thing that happened was a protester attacking Mario Draghi with confetti. The Central Bank president left the economic policy unchanged, and as expected, it cheered the results of the ongoing QE over the economy, and if something, he said that the QE will go on until needed in regards of inflation.”
“The EUR/USD ticks higher on dollar weakness, as US data disappointed: the New York manufacturing index fell to -1.19 against a 7.0 expected for April, whilst Industrial Production for March fell below expected.”
“The EUR/USD 1 hour chart shows that the price advances above a bearish 20 SMA whilst the technical indicators aim higher, but remain below their mid-lines.”
“In the 4 hours chart the technical indicators are bouncing from their mid-lines, whilst the price extended above a flat 20 SMA. If the price manages to extend beyond 1.0650, the pair will likely retest yesterday's highs in the 1.0700/10 region.”
“Support levels: 1.0600 1.0550 1.0510”
“Resistance levels: 1.0650 1.0710 1.0755”
Key Quotes
“After the ECB meeting, the most interesting thing that happened was a protester attacking Mario Draghi with confetti. The Central Bank president left the economic policy unchanged, and as expected, it cheered the results of the ongoing QE over the economy, and if something, he said that the QE will go on until needed in regards of inflation.”
“The EUR/USD ticks higher on dollar weakness, as US data disappointed: the New York manufacturing index fell to -1.19 against a 7.0 expected for April, whilst Industrial Production for March fell below expected.”
“The EUR/USD 1 hour chart shows that the price advances above a bearish 20 SMA whilst the technical indicators aim higher, but remain below their mid-lines.”
“In the 4 hours chart the technical indicators are bouncing from their mid-lines, whilst the price extended above a flat 20 SMA. If the price manages to extend beyond 1.0650, the pair will likely retest yesterday's highs in the 1.0700/10 region.”
“Support levels: 1.0600 1.0550 1.0510”
“Resistance levels: 1.0650 1.0710 1.0755”