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5 May 2015
EUR/USD: advances on their way if through daily high - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the American dollar started the day with a strong footing, driving the EUR/USD pair to a fresh 4-day low of 1.1056 during the European morning.
Key Quotes:
"But as the US extended its steady stream of poor macroeconomic data, the greenback changed course, closing the day with losses against all of its major rivals."
"In Europe, the release of the EU Commission forecast gave the euro an initial boost, as both GDP and inflation figures were revised higher for this 2015."
"At the same time, concerns over Greece arose, but EUR buyers ignored the negative headlines, and focused on US data."
"The American trade balance deficit grew to 51.37B in March, over 10B larger than market expectations, whilst the Markit services PMI for April resulted at 57.4, slightly below expectations and previous reading of 57.8. Economic optimism in the US also dropped, down to 49.7 in May."
"The EUR/USD pair rose as high as 1.1225 before settling around the 1.1200 level by US close, recovering its bullish tone. Short term, the 1 hour chart shows that the price regained ground above a bullish 100 SMA, whilst the technical indicators maintain their upward slopes in positive territory."
"In the 4 hours chart the latest candle opened above a flat 20 SMA, whilst the Momentum indicator heads higher below the 100 level and the RSI indicator consolidates around 59, all of which anticipates additional advances, should the price extend above the mentioned daily high."
Key Quotes:
"But as the US extended its steady stream of poor macroeconomic data, the greenback changed course, closing the day with losses against all of its major rivals."
"In Europe, the release of the EU Commission forecast gave the euro an initial boost, as both GDP and inflation figures were revised higher for this 2015."
"At the same time, concerns over Greece arose, but EUR buyers ignored the negative headlines, and focused on US data."
"The American trade balance deficit grew to 51.37B in March, over 10B larger than market expectations, whilst the Markit services PMI for April resulted at 57.4, slightly below expectations and previous reading of 57.8. Economic optimism in the US also dropped, down to 49.7 in May."
"The EUR/USD pair rose as high as 1.1225 before settling around the 1.1200 level by US close, recovering its bullish tone. Short term, the 1 hour chart shows that the price regained ground above a bullish 100 SMA, whilst the technical indicators maintain their upward slopes in positive territory."
"In the 4 hours chart the latest candle opened above a flat 20 SMA, whilst the Momentum indicator heads higher below the 100 level and the RSI indicator consolidates around 59, all of which anticipates additional advances, should the price extend above the mentioned daily high."