23 Mar 2015
EUR recovery to continue till positive US data refuels USD strength – Vladimir Mihaylov
FXStreet (Barcelona) - Independent Analyst, Vladimir Mihaylov, previews the possible performance of EUR and USD into this week, expecting positive German data to aid the recovery of the single currency, but Friday’s US data might reinforce the positive USD trend.
Key Quotes
“Dollar has made some pullback after last week's Mrs. Yellen's speech and gave other currencies some fresh air. However the recovery is just too small to change the bearish outlook across the markets.”
“Most of the pairs are currently stuck at the resistance levels and need some fundamental data to break them or bounce back to the downside.”
“Later today mr.Draghi speaks, and EU's economic sentiment index will be released may be these two will push the EUR to the downside again, but not so strong.”
“And after this support testing on Tuesday Germany's PMI data may support the EUR bulls, if better than expected of course.”
“Expectations are better for Germany's IFO on Wednesday too so the recovery may continue.”
“On Thursday we shall have the jobless claims report and a volatile market too, I expect the dollar to lose some price again.”
“But finally on Friday some positive USD data is expected and the greenback is quite likely to return much of the lost price through the week.”
“Daily support is 1.0700 and daily resistances are 1.0890 and 1.0955. If broken support we shall test 1.0630 and 1.0575, if broken resistance we shall test 1.1030.”
Key Quotes
“Dollar has made some pullback after last week's Mrs. Yellen's speech and gave other currencies some fresh air. However the recovery is just too small to change the bearish outlook across the markets.”
“Most of the pairs are currently stuck at the resistance levels and need some fundamental data to break them or bounce back to the downside.”
“Later today mr.Draghi speaks, and EU's economic sentiment index will be released may be these two will push the EUR to the downside again, but not so strong.”
“And after this support testing on Tuesday Germany's PMI data may support the EUR bulls, if better than expected of course.”
“Expectations are better for Germany's IFO on Wednesday too so the recovery may continue.”
“On Thursday we shall have the jobless claims report and a volatile market too, I expect the dollar to lose some price again.”
“But finally on Friday some positive USD data is expected and the greenback is quite likely to return much of the lost price through the week.”
“Daily support is 1.0700 and daily resistances are 1.0890 and 1.0955. If broken support we shall test 1.0630 and 1.0575, if broken resistance we shall test 1.1030.”