The dollar has retained the perkier tone that established yesterday. EURUSD has been moving lower yesterday and this morning. The move has correlated with a fresh spike in Grexit concerns, though the ECB has stressed that it will not cut ELA to Greek banks should Greece miss an IMF repayment, while Draghi and others at the ECB have been stressing that the QE program will be fully implemented.
At the time of writing EURUSD is trading below the 23.6% Fibonacci level and at support created by a pivot candle. I pointed to this level in yesterday as a potential support and suggested we look for the correct price action to find long opportunities. At the time of writing price has not reflected strong buying interest but 4h Stochastics is deeply oversold and the level that turned price higher the last on May 11th is near. EURUSD is now at key levels. If price turns higher above 1.1131 and today’s bar closes above the rising trendline the daily technical picture maintains its upward momentum. If this doesn’t materialise then the next support level is at 1.1035. Nearest daily resistance level is at 1.1324
Currency Pairs, Grouped Performance (% Change)
This morning’s theme has been EUR weakness against all the currencies. The biggers movers have been EURNZD, EURJPY, EURCAD and EURUSD. The weakest of the lot, EURNZD, is falling lower from a 50 week SMA after creating a shooting star candle yesterday. EURJPY has moved to a pivot support while EURCAD is currently trading at 50 Fibonacci level (measured from May 5th low to the latest high) and EURUSD is also trading at a pivotal support. Therefore a bounce higher in EUR pairs could be in order today.Publication source