EURUSD Technical Outlook (Daily)
The Buck advanced Vs most of its peers, edging sharply higher against the CAD and the AUD as commodity related currencies were weighed by falling Crude Oil and Gold prices and poor economic data.
The single currency was unable to recover above the 1.1500 mark, and ended the day a few pips below the mark against the Buck, with mixed data coming from both sides of the Atlantic being for the most mixed.
The release of the final Services and Composite readings for the month of April in the EU, showed that activity grew at a slower pace than estimated, indicating a slow start to Q-2.
Retail Sales in the EU, declined by 0.5% in March compared to the prior month, up by 2.1% compared to a year before, against expectations of a 2.5% advance.
In the US, data came in mixed, with the ADP employment survey disappointing, as it showed that the private sector added 156,000 new jobs in March, although the Services sector grew by more than expected whilst new orders for US factory goods also rose more than expected up by 1.1% after February’s down wardly revised 1.9% decline.
The 4 hours for the EURUSD shows that the technical indicators have erased all of their extreme readings and stabilized above their mid-lines, with the Momentum indicator heading lower right above 100, and the RSI flat around 57, the price is unable to establish itself above a still Bullish 20-Day SMA. The daily low was of 1.1469, showing that buying interest is aligned around the support, yet at this point, the EURUSD needs to advance above the 1.1530 mark to regain its prior positive tone and be able to retest the high at 1.1615.
Below the support on the other hand, the price can decline to 1.1380, and it will take a break below that mark last to deny this Bullish trend.
Support marks:1.1500 1.1460 1.1420
Resistance marks: 1.1530 1.1565 1.1615
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