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5 Jul 2013
EUR/USD lower on the morning
EUR/USD, and Euro crosses other than GBP are lower on the morning since the ECB statements.
EUR/USD is markedly lower because the ECB is seen to be distancing away from US policy and the recent rise in US rates. Meanwhile, there have been disappointing German factory orders YoY -2.0% and -1.3% MoM with little impact. The major risk events today for the pair will be a US market returning from July 4th holidays and US job numbers this afternoon.
EUR/USD head and shoulders
Meanwhile, the pair has closed below the major support line, 1.2896 which came from a much deeper quote, 1.2040. The article written by FX Street Analyst, Valeria Bednarik, on May 17th comes back into focus again.
Nearer term, a break below May lows, 1.2830, would risk a deeper wave for 1.2790, 1.2745 key supports and April lows. On the upside, Karen Jones at Commerzbank said rallies will have little to no impact while capped by the 1.3068/1.3103 resistance (55 and 200 day moving averages and the high from the 28th June). She sights key resistance at 1.3414/39, the 200 week ma and the 2011-2013 resistance line.
EUR/USD is markedly lower because the ECB is seen to be distancing away from US policy and the recent rise in US rates. Meanwhile, there have been disappointing German factory orders YoY -2.0% and -1.3% MoM with little impact. The major risk events today for the pair will be a US market returning from July 4th holidays and US job numbers this afternoon.
EUR/USD head and shoulders
Meanwhile, the pair has closed below the major support line, 1.2896 which came from a much deeper quote, 1.2040. The article written by FX Street Analyst, Valeria Bednarik, on May 17th comes back into focus again.
Nearer term, a break below May lows, 1.2830, would risk a deeper wave for 1.2790, 1.2745 key supports and April lows. On the upside, Karen Jones at Commerzbank said rallies will have little to no impact while capped by the 1.3068/1.3103 resistance (55 and 200 day moving averages and the high from the 28th June). She sights key resistance at 1.3414/39, the 200 week ma and the 2011-2013 resistance line.