Back
20 May 2014
EUR/USD neutral on a bearish backdrop
FXStreet (Guatemala) - EUR/USD is trading at 1.3708, up 0.00% on the day, having posted a daily high at 1.3712 and low at 1.3706.
EUR/USD has been pressing lower on the 1.37 handle post the bullish run to the highs through 1.3735 while 1.3650 is still lurking in the background of last week’s business. With there being a quiet docket for the pair of late, Analysts at RBS explained that the comments from ECB officials on non-standard measures, including ECB's Mersch and the Der Spiegel report citing an unnamed source, highlights the fact that we have a good idea of "when" but not "how" the ECB will ease policy. “Because the "how" is not clear, ECB speakers that normally do not garner attention may give market moving commentary if they reference specific non-standard measures that the ECB could take in June. ECB members Linde, Nouy, Liikanen and Nowotny are all due to speak.” Meanwhile, Fed speak is also going to be worth watching as Sean Callow, strategists at Westpac Banking Corporation ABN notes, “Philly Fed president Plosser speaks on the economy but his hawkish tone is very well known. More notable is 30 minutes later when NY Fed president and FOMC vice chairman Dudley speaks on the economy and monetary policy. We can be confident his message will be in line with Chair Yellen and the other Washington DC-based governors whose shared view prevails at each meeting”.
EUR/USD Levels
Current price is 1.3709, with resistance ahead at 1.3712 (Hourly 20 EMA), 1.3712 (Daily High), 1.3719 (Daily Classic R1), 1.3735 (Yesterday's High) and 1.3740 (Daily 100 SMA). Next support to the downside can be found at 1.3709 (Daily Open), 1.3708 (Hourly 100 SMA), 1.3706 (Weekly Classic PP), 1.3706 (Daily Low) and 1.3702 (Daily Classic PP).
EUR/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.
EUR/USD has been pressing lower on the 1.37 handle post the bullish run to the highs through 1.3735 while 1.3650 is still lurking in the background of last week’s business. With there being a quiet docket for the pair of late, Analysts at RBS explained that the comments from ECB officials on non-standard measures, including ECB's Mersch and the Der Spiegel report citing an unnamed source, highlights the fact that we have a good idea of "when" but not "how" the ECB will ease policy. “Because the "how" is not clear, ECB speakers that normally do not garner attention may give market moving commentary if they reference specific non-standard measures that the ECB could take in June. ECB members Linde, Nouy, Liikanen and Nowotny are all due to speak.” Meanwhile, Fed speak is also going to be worth watching as Sean Callow, strategists at Westpac Banking Corporation ABN notes, “Philly Fed president Plosser speaks on the economy but his hawkish tone is very well known. More notable is 30 minutes later when NY Fed president and FOMC vice chairman Dudley speaks on the economy and monetary policy. We can be confident his message will be in line with Chair Yellen and the other Washington DC-based governors whose shared view prevails at each meeting”.
EUR/USD Levels
Current price is 1.3709, with resistance ahead at 1.3712 (Hourly 20 EMA), 1.3712 (Daily High), 1.3719 (Daily Classic R1), 1.3735 (Yesterday's High) and 1.3740 (Daily 100 SMA). Next support to the downside can be found at 1.3709 (Daily Open), 1.3708 (Hourly 100 SMA), 1.3706 (Weekly Classic PP), 1.3706 (Daily Low) and 1.3702 (Daily Classic PP).
EUR/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.