Wednesday, 18 April 2018

EUR / USD still looks bullish, the next test of the upper border is ahead

Posted by Anonymous at 19:36 Labels:

Yesterday, the data from Germany and the euro area turned out to be negative, data on sentiment in the business environment from ZEW Institute. Data came much worse than expected, and of course this had a negative impact on the dynamics of the single European currency. In addition, an interesting technical picture is now has its influence on the chart.
On the contrary, yesterday US statistics data was extremely positive- data on new home building and permits and industrial production proved to be very successful, much better than expectations. Data bunch added some confidence that the US economy is at the stage of growth and expansion. The continued bond yields growth and also comments by the representative of the Federal Reserve Bank of Williams also supported the dollar.
However, for all this, with such a saturated positive background for the US currency, there were no significant changes in the EUR / USD market. The pair is still above the round and significant 1.23 mark and is trading at the upper end of the range. The mood on the chart in favor of continuing growth, but the final victory (market move up to $1.2510 levels and upward breakout form the range) is still far away.
To strengthen the mood of growth, it is necessary to update yesterday's highs of 1.2415 and consolidate above this level. At the start of US trading, the pair EUR / USD is trading at 1.2386 and retains a positive sentiment. However, we recommend looking for long positions lower, when the market adjust back to the zone of 1.2340.



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