Back
21 Apr 2014
EUR/USD lining up the week ahead
FXStreet (Guatemala) - Currently, EUR/USD is trading at 1.3791, down -0.12% on the day, having posted a daily high at 1.3832 and low at 1.3787.
EUR/USD is quiet over holiday season and also investors are perhaps awaiting to see how ECB policy evolves before committing to a stronger view one way or the other.
EUR/USD events for this week
Annette Beacher, Head of Asia-Pacific Research, FX and Rates Strategy at TD Securities noted that later this week brings EUR flash PMIs for April (Tue), Germany’s IFO on Thu. So, with the data calendar that is fairly light for a second consecutive day as many centres return from the Easter Monday holiday, analysts at RBS noted however, that this week will start to pick up in the US. “We expect existing home sales will buck the trend of recent weather related improvements in US economic indicators and hold steady in March at 4.60m units annualized”. They continued and said, “The pending home sales index, which tends to lead existing sales, has fallen in 8 consecutive months dating back to June 2013, indicative of a broader slowdown in existing sales rather than just weather related weakness. While it is likely true that weather played a role in recent weakness, regional data on existing sales does not obviously indicate a major negative impact from the weather on re-sales”.
EUR/USD Levels
Current price is 1.3793, with resistance ahead at 1.3798 (Daily Classic S2), 1.3804 (Daily Classic S1), 1.3807 (Hourly 20 EMA), 1.3808 (Daily 20 SMA) and 1.3808 (Yesterday's Low). Next support to the downside can be found at 1.3789 (Daily Classic S3), 1.3787 (Daily Low), 1.3777 (Weekly Classic S1), 1.3745 (Weekly Classic S2) and 1.3717 (Daily 100 SMA). Looking at price patterns, we can see a Hammer 1-hour candlestick formation.
EUR/USD is quiet over holiday season and also investors are perhaps awaiting to see how ECB policy evolves before committing to a stronger view one way or the other.
EUR/USD events for this week
Annette Beacher, Head of Asia-Pacific Research, FX and Rates Strategy at TD Securities noted that later this week brings EUR flash PMIs for April (Tue), Germany’s IFO on Thu. So, with the data calendar that is fairly light for a second consecutive day as many centres return from the Easter Monday holiday, analysts at RBS noted however, that this week will start to pick up in the US. “We expect existing home sales will buck the trend of recent weather related improvements in US economic indicators and hold steady in March at 4.60m units annualized”. They continued and said, “The pending home sales index, which tends to lead existing sales, has fallen in 8 consecutive months dating back to June 2013, indicative of a broader slowdown in existing sales rather than just weather related weakness. While it is likely true that weather played a role in recent weakness, regional data on existing sales does not obviously indicate a major negative impact from the weather on re-sales”.
EUR/USD Levels
Current price is 1.3793, with resistance ahead at 1.3798 (Daily Classic S2), 1.3804 (Daily Classic S1), 1.3807 (Hourly 20 EMA), 1.3808 (Daily 20 SMA) and 1.3808 (Yesterday's Low). Next support to the downside can be found at 1.3789 (Daily Classic S3), 1.3787 (Daily Low), 1.3777 (Weekly Classic S1), 1.3745 (Weekly Classic S2) and 1.3717 (Daily 100 SMA). Looking at price patterns, we can see a Hammer 1-hour candlestick formation.