EUR/USD pushes higher to daily highs

8 April, 2019

The pair’s upside clinched the 1.1250/55 band on Monday. The selling bias around the buck supports the up move. The Sentix index improved further in April.

The optimism around the shared currency stays unchanged so far on Monday and is now taking EUR/USD to fresh daily highs in the mid-1.1200s.

Spot is trading on a positive mood so far today and is reversing at the same time three consecutive weekly pullbacks after being rejected from late March tops in the mid-1.1400s.

Today’s upside momentum remains propped up by improved sentiment surrounding the riskier assets and the selling bias hurting the greenback.

In fact, the likeliness of extra stimulus in the Chinese economy, positive data from the US calendar last Friday and persistent downside pressure around the buck have all combined to push the pair to the 1.1250 region, challenging at the same time last week’s peaks.

In the data space, the Sentix Index advanced to -0.3 for the current month, also helping the mood around the shared currency. Later in the session, US Factory Orders are due.

EUR remains under pressure following poor fundamentals in Euroland and the strong up move in the greenback in past weeks. In fact, recent disappointing readings in the region somehow confirm that the slowdown in the bloc and the ‘patient-for-longer’ stance from the ECB could be among us for longer than expected. Against the backdrop of souring risk-appetite trend, the greenback should emerge stronger and is expected to keep weighing on spot for the time being. On the political front, headwinds are expected to emerge in light of the upcoming EU parliamentary elections, where the focus of attention will be on the potential increase of the populist option among voters.

At the moment, the pair is gaining 0.29% at 1.1246 and a breakout of 1.1254 (high Apr.1) would target 1.1277 (21-day SMA) en route to 1.1337 (200-week SMA). On the downside, immediate support emerges at 1.1183 (low Apr.2) followed by 1.1176 (low Mar.7) and finally 1.1118 (monthly low Jun.20 2017).


Source link   Presented by Alpari

Bears have broken the trend line

On Tuesday the 14th of May, trading on the euro closed down. The EURUSD pair dropped from 1.1243 to 1.1201. The 45th degree provided some...

EUR/USD looks to German CPI

The pair climbs to fresh weekly highs beyond 1.1200. EMU advanced Q1 GDP surprised to the upside. German flash inflation figures next of relevance...

USD bid hgher as new home sales rises

The USD traded higher on Tuesday, rising to a six-week high. The new home sales report showed a 4.5% increase on a month over month basis, beating...


EURUSD expect a test of 1.1230

With a thin market, the bulls managed to push through to 1.1262. A correction occurred within a relatively narrow price range. At the time of writing, the...

EURUSD: the Easter holidays continue

Most of the majors closed last week down against USD. The Swiss franc fell by 1.15%, the Kiwi dollar by 1.12%, the pound by 0.55%, the euro by 0.49%...

EURUSD: bulls have returned to 1.13

On Tuesday the 16th of April, trading on the euro closed down. The EURUSD pair was knocked off its perch of 1.1314 by Reuters, which reported...


EURUSD: bulls ready to test 1.13

On Thursday the 11th of April, trading on the EURUSD pair closed down, with the single currency dropping to 1.1250. To me, this seemed to be...

EURUSD: sideways motion expected

On Wednesday the 10th of April, trading on the euro closed up. Volatility was high on all currency pairs with the euro, especially during ECB President...

EURUSD stabilised at 1.12 ahead of ECB

On Tuesday the 9th of April, trading on the euro closed slightly down. On the back of Brexit rumours and the rising crosses, the EURUSD pair jumped...

  


Share it on:   or