5 Aug 2015
EUR/USD bears eye May lows and uptrend
FXStreet (Guatemala) - EUR/USD is currently trading at 1.0861 with a high of 1.0895 and a low of 1.0855.
EUR/USD was stamped on by the bears when Atlanta's FED President Dennis Lockhart changing from his usual dovish tone to say that September would be an appropriate time to hike rates, unless "significant deterioration" in data would occur between now and then. The key data will come this week in the Nonfarm Payrolls with a consensus coming in a range around 210k.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
Industrial production for Germany will also bee keenly watched at the end of the week while Greece remains on the bench for the time being as discussions continue to progress between creditors and Athens. However, the saga leaves an airy of uncertainty over the EZ still and the subsequent risk is weighing on the single currency.
Bears in control of EUR/USD price
The bears are taking control as the week progresses, while last week saw the market move towards and fail at the 1.1124/29 Fibo resistance. Karen Jones, chief analyst at Commerzbank explained that while capped here there is a negative bias. "Targets remain the 1.0819/15 May low and uptrend". She said that failure here is needed to trigger losses towards 1.0560/1.0447, the base of the 30 year channel and recent low. Meanwhile, in the 4 hours chart the technical picture is also strongly bearish, as Valeria Bednarik, chief analyst at FXStreet explained.
EUR/USD was stamped on by the bears when Atlanta's FED President Dennis Lockhart changing from his usual dovish tone to say that September would be an appropriate time to hike rates, unless "significant deterioration" in data would occur between now and then. The key data will come this week in the Nonfarm Payrolls with a consensus coming in a range around 210k.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
Industrial production for Germany will also bee keenly watched at the end of the week while Greece remains on the bench for the time being as discussions continue to progress between creditors and Athens. However, the saga leaves an airy of uncertainty over the EZ still and the subsequent risk is weighing on the single currency.
Bears in control of EUR/USD price
The bears are taking control as the week progresses, while last week saw the market move towards and fail at the 1.1124/29 Fibo resistance. Karen Jones, chief analyst at Commerzbank explained that while capped here there is a negative bias. "Targets remain the 1.0819/15 May low and uptrend". She said that failure here is needed to trigger losses towards 1.0560/1.0447, the base of the 30 year channel and recent low. Meanwhile, in the 4 hours chart the technical picture is also strongly bearish, as Valeria Bednarik, chief analyst at FXStreet explained.