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23 May 2014
EUR/USD’s descending trend line is in tact
FXStreet (Guatemala) - EUR/USD is trading at 1.3641, down -0.09% on the day, having posted a daily high at 1.3660 and low at 1.3642.
EUR/USD has been pressured lower by a mixed group of readings on Eurozone PMIs, and Sean Callow, strategist at Westpac Banking Corporation ABN. Noted that it is testing under 1.3650 for its 10th loss in 12 days. “The declines are small most days but we expect more to come”. He further highlighted key events from Europe coming up and said, “In Germany we will see the final reading on Q1 GDP, expected to remain at 0.8% q/q but with a much weaker reading expected in Q2. The key release is the IFO survey of German business sentiment for May. The overall index is seen easing to 110.9 from 111.2, still a historically strong reading. But given the slide in the expectations component of the ZEW survey, there seem to be downside risks”. From the US session we will see the Apr new home sales where an increase is expected at 0.425M.
EUR/USD Levels
Current price is 1.3643, with resistance ahead at 1.3645 (Yesterday's Low), 1.3656 (Daily Open), 1.3656 (Monthly Low), 1.3656 (Weekly Low) and 1.3660 (Daily High). Next support to the downside can be found at 1.3642 (Daily Low), 1.3639 (Daily Classic S1), 1.3636 (Weekly Classic S1), 1.3634 (Daily 200 SMA) and 1.3592 (Daily Classic S2).
EUR/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.
EUR/USD has been pressured lower by a mixed group of readings on Eurozone PMIs, and Sean Callow, strategist at Westpac Banking Corporation ABN. Noted that it is testing under 1.3650 for its 10th loss in 12 days. “The declines are small most days but we expect more to come”. He further highlighted key events from Europe coming up and said, “In Germany we will see the final reading on Q1 GDP, expected to remain at 0.8% q/q but with a much weaker reading expected in Q2. The key release is the IFO survey of German business sentiment for May. The overall index is seen easing to 110.9 from 111.2, still a historically strong reading. But given the slide in the expectations component of the ZEW survey, there seem to be downside risks”. From the US session we will see the Apr new home sales where an increase is expected at 0.425M.
EUR/USD Levels
Current price is 1.3643, with resistance ahead at 1.3645 (Yesterday's Low), 1.3656 (Daily Open), 1.3656 (Monthly Low), 1.3656 (Weekly Low) and 1.3660 (Daily High). Next support to the downside can be found at 1.3642 (Daily Low), 1.3639 (Daily Classic S1), 1.3636 (Weekly Classic S1), 1.3634 (Daily 200 SMA) and 1.3592 (Daily Classic S2).
EUR/USD chart formations
Looking at price patterns, we can see a Doji 1-hour candlestick formation.