6 May 2015
EUR/USD: 1.13 handle here we come?
FXStreet (Guatemala) - EUR/USD is currently trading at 1.1328 with a high of 1.1367 and a low of 1.1178.
EUR/USD is consolidated post the fall back from the aforementioned highs on the 1.13 handle that the bulls took over today. The pair has been bid throughout today's global sessions, where in Europe, we had a better than expected outcome from PMI readings in Europe.
There have also been positive developments around the Greek debt scenario and the country has made a €200 million payment to the IMF ahead and addition of the €750 million owing to the IMF on May 12. Then, from the US docket today, we have seen a less than positive outcome in the ADP jobs report ahead of the government report on Friday. The ADP numbers came as just 169K and below the previous 189K while missing expectations of 200K.
Technically, the major comes with a bullish bias and analysts at UOB Group explained that they continue to view the current movement as part of a short-term consolidation phase which may last for another couple of days more. "Barring an unexpected break below 1.0975, the current consolidation is expected to lead to an eventual move higher to retest the recent high near 1.1285/90 (where a break would target 1.1410 next). The previous break-out point of 1.1050 is a strong support ahead of 1.0975."
EUR/USD is consolidated post the fall back from the aforementioned highs on the 1.13 handle that the bulls took over today. The pair has been bid throughout today's global sessions, where in Europe, we had a better than expected outcome from PMI readings in Europe.
There have also been positive developments around the Greek debt scenario and the country has made a €200 million payment to the IMF ahead and addition of the €750 million owing to the IMF on May 12. Then, from the US docket today, we have seen a less than positive outcome in the ADP jobs report ahead of the government report on Friday. The ADP numbers came as just 169K and below the previous 189K while missing expectations of 200K.
Technically, the major comes with a bullish bias and analysts at UOB Group explained that they continue to view the current movement as part of a short-term consolidation phase which may last for another couple of days more. "Barring an unexpected break below 1.0975, the current consolidation is expected to lead to an eventual move higher to retest the recent high near 1.1285/90 (where a break would target 1.1410 next). The previous break-out point of 1.1050 is a strong support ahead of 1.0975."