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10 Apr 2013
Forex: EUR/USD, above 1.31 where true strength test begins
FXstreet.com (Barcelona) - The Euro continues to show encouraging moves for the interest of buyers, surging to a new 3 ½ week high after investors joined forces to snap the price back up away from a retested 1.30 area earlier Tuesday. The next round number at 1.31 is currently acting as temporary resistance for the pair ahead of Europe.
Upbeat German data saw the Euro regain the bid tone yesterday, only to firm up after disappointing US building permit numbers, which adds to the negative US NFP report from last Friday. While the calendar is full of low-volatility indicators, in theory, and with the risk headlines of Cyprus and Portugal having abated in the last 24h, traders' main focus today will be the FOMC minutes, which tipically provides additional insights into the current Fed's line of thinking regarding its stimulatory program.
According to Kathy Lien, co-founder at BKAssetManagement: "We believe FX traders should take the FOMC minutes with a grain of salt."
Kathy notes: "The minutes will be from the Fed meeting held on March 19th/20th. This was right after the huge jump in non-farm payrolls and the big rise in retail sales so the Fed will most likely be more optimistic with talk of varying asset purchases gaining traction. Since then, we have seen a huge pullback in job growth, decline in consumer confidence, slower manufacturing and service sector activity. The only unambiguously positive development has been the persistent rise in U.S. stocks."
Looking at where the US Dollar index stand, FXstreet.com at the moment, after being aggressively rejected off 83.50 supply, the index faces next demand at 82.00.
As the FXstreet.com Team notes: "Despite the area has had multiple tests, which diminishes the buying power - as more unfilled buy orders get filled - notice the bounces have so far been firm, communicating that imbalance between buyers and sellers remains strong. If 82.00 gives in, picture suggests we may have a period of days where broad USD selling is the dominant theme until 80.00 is encountered, area where the next stack of sizeable buy orders may be found."
What this means for the EUR/USD? The pair is on a healthy ride up, having cleared 1.3050/80 supply, suggesting the sky has gotten more blue now for the interest of buyers until the next stack of institutional sell orders, likely to be faced at 1.3140/60.
As explained by the FXstreet.com Team: "This 1.3140/60 is a semi-fresh level - tested once with imminent rotation lower - where a significant amount of unfilled sell orders are expected. It wouldn't be surprising to see the price be repelled again at that level. On the downside, demand is spotted at 1.2932/15, post NFP reaction."
Intraday pullbacks are likely to see sizeable bid orders lying around 1.2932/15, take-off level post last Friday's payroll number.
Kathy Lien expects the EUR/USD rally to stall around 1.3130/40, "where the 50 and 100-day simple MA converge", she says.
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank: “We would allow for a deeper retracement into the 1.3111/80 band and possibly 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”.
Upbeat German data saw the Euro regain the bid tone yesterday, only to firm up after disappointing US building permit numbers, which adds to the negative US NFP report from last Friday. While the calendar is full of low-volatility indicators, in theory, and with the risk headlines of Cyprus and Portugal having abated in the last 24h, traders' main focus today will be the FOMC minutes, which tipically provides additional insights into the current Fed's line of thinking regarding its stimulatory program.
According to Kathy Lien, co-founder at BKAssetManagement: "We believe FX traders should take the FOMC minutes with a grain of salt."
Kathy notes: "The minutes will be from the Fed meeting held on March 19th/20th. This was right after the huge jump in non-farm payrolls and the big rise in retail sales so the Fed will most likely be more optimistic with talk of varying asset purchases gaining traction. Since then, we have seen a huge pullback in job growth, decline in consumer confidence, slower manufacturing and service sector activity. The only unambiguously positive development has been the persistent rise in U.S. stocks."
Looking at where the US Dollar index stand, FXstreet.com at the moment, after being aggressively rejected off 83.50 supply, the index faces next demand at 82.00.
As the FXstreet.com Team notes: "Despite the area has had multiple tests, which diminishes the buying power - as more unfilled buy orders get filled - notice the bounces have so far been firm, communicating that imbalance between buyers and sellers remains strong. If 82.00 gives in, picture suggests we may have a period of days where broad USD selling is the dominant theme until 80.00 is encountered, area where the next stack of sizeable buy orders may be found."
What this means for the EUR/USD? The pair is on a healthy ride up, having cleared 1.3050/80 supply, suggesting the sky has gotten more blue now for the interest of buyers until the next stack of institutional sell orders, likely to be faced at 1.3140/60.
As explained by the FXstreet.com Team: "This 1.3140/60 is a semi-fresh level - tested once with imminent rotation lower - where a significant amount of unfilled sell orders are expected. It wouldn't be surprising to see the price be repelled again at that level. On the downside, demand is spotted at 1.2932/15, post NFP reaction."
Intraday pullbacks are likely to see sizeable bid orders lying around 1.2932/15, take-off level post last Friday's payroll number.
Kathy Lien expects the EUR/USD rally to stall around 1.3130/40, "where the 50 and 100-day simple MA converge", she says.
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank: “We would allow for a deeper retracement into the 1.3111/80 band and possibly 1.3225 (50% retracement), where will look for signs of failure and the resumption of the down move”.