2 Jun 2014
EUR/USD still below 200 DMA
FXStreet (Guatemala) - Currently, EUR/USD is trading at 1.3624, down -0.07% on the day, having posted a daily high at 1.3638 and low at 1.3621.
The EUR/USD is trading with a slight bearish tone given its positioning on the charts and easing to the downside weighed by a non-committed set of bulls at the start of this week and still trading below its 200 DMA. Trading may be limited until the ECB later in the week but as Sean Callow, analyst at Westpac Banking Corporation ABN points out, the final May Markit PMIs are also due in Europe first, with revisions occasionally having an impact on the euro. “There will also be interest in Germany’s May CPI, expected up 0.1% m/m, 1.0% y/y. The US data calendar also holds some interest, particularly the May manufacturing ISM. Consensus is a solid 55.5 from 54.9 in April. April construction spending is seen up 0.6% m/m from 0.2% in Mar, with any surprise having implications for Q2 GDP after the dismal Q1 reading”.
EUR/USD Levels
Current price is 1.3624, with resistance ahead at 1.3628 (Daily Classic PP), 1.3630 (Weekly Classic PP), 1.3635 (Daily Open), 1.3638 (Daily High) and 1.3643 (Hourly 200 SMA). Next support to the downside can be found at 1.3622 (Hourly 20 EMA), 1.3621 (Daily Low), 1.3621 (Hourly 100 SMA), 1.3604 (Daily Classic S1) and 1.3598 (Yesterday's Low).
The EUR/USD is trading with a slight bearish tone given its positioning on the charts and easing to the downside weighed by a non-committed set of bulls at the start of this week and still trading below its 200 DMA. Trading may be limited until the ECB later in the week but as Sean Callow, analyst at Westpac Banking Corporation ABN points out, the final May Markit PMIs are also due in Europe first, with revisions occasionally having an impact on the euro. “There will also be interest in Germany’s May CPI, expected up 0.1% m/m, 1.0% y/y. The US data calendar also holds some interest, particularly the May manufacturing ISM. Consensus is a solid 55.5 from 54.9 in April. April construction spending is seen up 0.6% m/m from 0.2% in Mar, with any surprise having implications for Q2 GDP after the dismal Q1 reading”.
EUR/USD Levels
Current price is 1.3624, with resistance ahead at 1.3628 (Daily Classic PP), 1.3630 (Weekly Classic PP), 1.3635 (Daily Open), 1.3638 (Daily High) and 1.3643 (Hourly 200 SMA). Next support to the downside can be found at 1.3622 (Hourly 20 EMA), 1.3621 (Daily Low), 1.3621 (Hourly 100 SMA), 1.3604 (Daily Classic S1) and 1.3598 (Yesterday's Low).