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4 May 2015
EUR/USD: 1.1120 Fibonacci is key support - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that it was a quiet start of the week with Japan and London off on holidays, and inventors in wait and see mode ahead of big macroeconomic news later on in the week.
Key Quotes:
"The EUR/USD pair surged to a daily high of 1.1224 before closing in the red, near the low set early Europe around 1.1122. During the European session, data showed that manufacturing growth was uneven in the Euro area, as the April Markit Manufacturing PMIs for the region as a whole and Germany ticked higher, but fell further into contraction in France and Greece."
"Investor's confidence in the area dropped from previous 20 to 19.6 according to the Sentix survey, also weighing on the common currency. As for US data, it came out generally positive, supporting rather a recovery in local equities rather than in the greenback itself."
"The short term technical picture favors the downside, as the 1 hour chart shows that the price develops below a mild bearish 20 SMA, whilst the technical indicators head lower below their mid-lines, albeit the 100 SMA has provided intraday support during the day, now a few pips below the current level."
"In the 4 hours chart, the price is standing below its 20 SMA that has lost its upward slope and turns now flat, whilst the technical indicators head lower below their mid-lines, supporting additional declines. Nevertheless, the pair needs to break below the 1.1120 Fibonacci support to be able to extend its decline, eyeing a test of the 1.1050 region afterwards."
Key Quotes:
"The EUR/USD pair surged to a daily high of 1.1224 before closing in the red, near the low set early Europe around 1.1122. During the European session, data showed that manufacturing growth was uneven in the Euro area, as the April Markit Manufacturing PMIs for the region as a whole and Germany ticked higher, but fell further into contraction in France and Greece."
"Investor's confidence in the area dropped from previous 20 to 19.6 according to the Sentix survey, also weighing on the common currency. As for US data, it came out generally positive, supporting rather a recovery in local equities rather than in the greenback itself."
"The short term technical picture favors the downside, as the 1 hour chart shows that the price develops below a mild bearish 20 SMA, whilst the technical indicators head lower below their mid-lines, albeit the 100 SMA has provided intraday support during the day, now a few pips below the current level."
"In the 4 hours chart, the price is standing below its 20 SMA that has lost its upward slope and turns now flat, whilst the technical indicators head lower below their mid-lines, supporting additional declines. Nevertheless, the pair needs to break below the 1.1120 Fibonacci support to be able to extend its decline, eyeing a test of the 1.1050 region afterwards."