2 May 2016
EUR/USD: making fresh 2016 highs at 1.1466
EUR/USD has been a strong performer on the back of outright dollar weakness and has just scored a new high for 2016 at 1.1466 outpacing the work done by the bulls on the 11th of April and previous highs of 1.1465.
The greenback is on the back foot and has been so since the dovish outcome of the Fed. "Data continued to be soft in the US, and mixed in the EU, as on Friday, the euro area GDP surprised to the upside, accelerating from 0.3% in Q4 2015 to 0.6% in Q1 this year. Despite inflation in the EU fell back into deflationary territory in April, down by 0.2% annualized from 0.0% in March, things continue to look better than in the other shore of the Atlantic," explained Valeria Bednarik, chief analyst at FXStreet who added, "Still, further gains are not yet confirmed given the strength of the immediate resistance. Nevertheless, a clear break above it should be the beginning of a continued advance, up to the 1.1710 region."
EUR/USD levels
EUR/USD is testing the 1.1465/95 April and October peaks that if taken offers a strong bullish case for 1.1600 in line with the ascending trend line on the longer time frames. The pivot is at 1.1419, R1 is at 1.1491, R2 at 1.1531 and R3 is located at 1.1603. To the downside, the 100 sma on the 4hr sticks is located at 1.1326 and the 200 sma is located at 1.1306 (S2). April lows are at 1.1215.
The greenback is on the back foot and has been so since the dovish outcome of the Fed. "Data continued to be soft in the US, and mixed in the EU, as on Friday, the euro area GDP surprised to the upside, accelerating from 0.3% in Q4 2015 to 0.6% in Q1 this year. Despite inflation in the EU fell back into deflationary territory in April, down by 0.2% annualized from 0.0% in March, things continue to look better than in the other shore of the Atlantic," explained Valeria Bednarik, chief analyst at FXStreet who added, "Still, further gains are not yet confirmed given the strength of the immediate resistance. Nevertheless, a clear break above it should be the beginning of a continued advance, up to the 1.1710 region."
EUR/USD levels
EUR/USD is testing the 1.1465/95 April and October peaks that if taken offers a strong bullish case for 1.1600 in line with the ascending trend line on the longer time frames. The pivot is at 1.1419, R1 is at 1.1491, R2 at 1.1531 and R3 is located at 1.1603. To the downside, the 100 sma on the 4hr sticks is located at 1.1326 and the 200 sma is located at 1.1306 (S2). April lows are at 1.1215.