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30 Mar 2015
EUR/USD might end the week between 1.0520-1.0660 – Vladimir Mihaylov
FXStreet (Barcelona) - Independent Analyst, Vladimir Mihaylov, gives the key levels for EUR/USD, noting that the pair favours the downside, expecting a break below the support at 1.0810-1.0790 to pave way for 1.0660 and 1.0520.
Key Quotes
“EUR climbed up last week and even reached 1.1000 but quickly dropped back. The pair is now supported on Daily at 1.0790, however Daily and H4 indicators point to the downside and it seems for now the pair does not have enough power to break the 1.1000 resistance.”
“So all eyes are now at the support area 1.0810-1.0790, breaking of this will test 1.0660 and 1.0520.”
“Today we shall have the Germany's CPI and some not so important data from the USA. If the economic data from Germany is positive then EUR will try to test 1.0890 resistance and may reach 1.0930 too, but above it will face some bears and i doubt the further progress will succeed.”
“On tuesday we have the Germany's unemployment rate and unemployment change together with the Eurozone's Flash Harmonized Index of Consumer Prices. Later on Tuesday we shall have the USA consumer confidence which may reverse any EUR gains so be careful.”
“I expect some consolidation to bearish trade on Wednesday ahead of minutes of ECB's monetary policy meeting which will be released on Thursday. EUR then is likely to become again under downside pressure, but this depends much on US trade balance and US jobless claims report.”
“Friday is a holiday and most of the markets will remain closed. I expect to end this week somewhere above 1.0520 and below 1.0660.”
“More upside we may expect only on a Daily close above 1.1030.”
Key Quotes
“EUR climbed up last week and even reached 1.1000 but quickly dropped back. The pair is now supported on Daily at 1.0790, however Daily and H4 indicators point to the downside and it seems for now the pair does not have enough power to break the 1.1000 resistance.”
“So all eyes are now at the support area 1.0810-1.0790, breaking of this will test 1.0660 and 1.0520.”
“Today we shall have the Germany's CPI and some not so important data from the USA. If the economic data from Germany is positive then EUR will try to test 1.0890 resistance and may reach 1.0930 too, but above it will face some bears and i doubt the further progress will succeed.”
“On tuesday we have the Germany's unemployment rate and unemployment change together with the Eurozone's Flash Harmonized Index of Consumer Prices. Later on Tuesday we shall have the USA consumer confidence which may reverse any EUR gains so be careful.”
“I expect some consolidation to bearish trade on Wednesday ahead of minutes of ECB's monetary policy meeting which will be released on Thursday. EUR then is likely to become again under downside pressure, but this depends much on US trade balance and US jobless claims report.”
“Friday is a holiday and most of the markets will remain closed. I expect to end this week somewhere above 1.0520 and below 1.0660.”
“More upside we may expect only on a Daily close above 1.1030.”