EUR/USD
The greenback advanced some against most of its major rivals, edging sharply higher against the CAD and the AUD as commodityrelated currencies were weighed by falling oil and gold prices and poor local data. The common currency was unable to recover above the 1.1500 figure, and ended the day a handful of pips below the level against the greenback, with mixed data coming from both sides of the Atlantic being for the most mixed.The release of the final Services and Composite readings for the month of April in the EU, showed that activity grew at a slower pace than initially estimated, indicating a tepid start of the second quarter. Retail Sales in the EU, declined by 0.5% in March compared to the previous month, up by 2.1% compared to a year before, against expectations of a 2.5% advance. In the US, data came in mixed, with the ADP employment survey disappointing, as it showed that the private sector added 156,000 new jobs in March, although the Services sector grew by more than expected whilst new orders for U.S. factory goods also rose more than expected up by 1.1% after February’s downwardly revised 1.9% decline. The 4 hours chart for the EUR/USD pair shows that the technical indicators have erased all of their extreme readings and stabilized above their midlines, with the Momentum indicator heading lower right above its100 level and the RSI flat around 57, whilst the price is unable to establish itself above a still bullish 20 SMA. The daily low was of 1.1469, showing that buying interest is aligned around the major support, yet at this point, the pair needs to advance firmly above the 1.1530 level to regain its previous positive tone and be able to retest the high at 1.1615. Below the mentioned support on the other hand, the price can decline down to 1.1380, and it will take a break below this last to deny the recently born bullish trend.
Support levels:1.1500 1.1460 1.1420
Resistance levels: 1.1530 1.1565 1.1615
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EUR/USD
The EUR/USD pair edged sharply lower for the third consecutive day, falling down to 1.1385 before settling around the 1.1400 figure. Stocks opened generally higher in the region, although volumes were closed as France and German markets were close on holidays. The USD extended its advance during the US session, despite US initial jobless claims climbed 17,000 to 274,000 in the week ended Apr 29, the Labor Department said Thursday, above the 260,000 expected. However, claims remained near historically low levels, which is consistent with a strengthening job market. Japan will resume activity after a threeday holiday, although the reaction may be limited ahead of the release of the US Nonfarm Payroll report early Friday. Data has been quite mixed in the US, with some positive notes in jobs creation, but limited wages’ growth, this last, probably the subcomponent that will define how the greenback will end the week. A solid job’s report, with wages posting some interesting advances can spark nearterm dollar’s gains, yet if they can be sustainable in time is yet to be seen. From a technical point of view, the pair moved from extremely overbought to extremely oversold in three days, according to the 4 hours chart technical readings, with the price now well below its 20 SMA, and nearing the 100 and 200 SMAs, posting limited advances in the 1.1300/30 region. The main support for the upcoming session is the 1.1380 level, which if it’s broken with the report, can see the decline extending. The pair needs to regain the 1.1460 level on the other hand, to be able to resume its bullish trend, and end the week above the 1.1500 figure.
Support levels:1.1380 1.1330 1.1290
Resistance levels: 1.1420 1.1460 1.1500
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EUR/USD
The greenback managed to recover from fresh multimonth lows by the end of last week, although the negative sentiment towards the American currency persists, after the release of a mixed April job’s report. According to the latest data, the world’s largest economy added just 160K new jobs during the month, well below market’s expectations and in line with the slowdown in growth that began late 2015. Wages, however, resulted encouraging, up 0.3% monthly basis and therefore , taking the yearonyear growth up to 2.5%, above expectations. Less jobs but better salaries, however, left inventors clueless on whether the FED will act or not next June. The EUR/USD pair rallied up to a fresh yearly high of 1.1615 after breaking above 1.1460, a major static resistance, but turned south more on increasing uncertainty over worldwide economic developments than on dollar’s selfstrength. The common currency pared losses around 1.1400 against the greenback, and the pair now trades below the 50% retracement of its latest bullish run, measured between 1.1215 and 1.1615, at 1.1420, the immediate resistance. The main support for the upcoming days comes at 1.1370, the 61.8% retracement of the same rally. Technical readings in the 4 hours chart are biased lower within negative territory, while the 20 SMA has turned sharply lower above the current level. The pair needs to recover above 1.1460 to recover its previous bullish tone and have the chance to extend its gains up to 1.1710.
Support levels:1.1370 1.1335 1.1290
Resistance levels: 1.1420 1.1460 1.1500
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EUR/USD
The EUR/USD pair traded uneventfully for a second consecutive day, ending the day pretty much flat around the 1.1380 region, although it fell intraday down to 1.1358, a fresh weekly low. With no major macroeconomic data having been released ever since the week started, speculative interest struggles to find a new direction for the pair, after it topped at 1.1615, a fresh yearly high, and completed a 50% downward correction. Germany released disappointing Industrial Production data for Match, up yearonyear by 0.3%, against expectation of a 1.0% advance, while monthly basis it declined by 1.3%. The country’s trade balance for the same month, however, posted a larger than expected surplus of €23.6B. In the US, more good news kept coming from the labor sector, as the JOLTS job opening report showed that the number of job openings increased to 5.757 million in March from a revised 5.608 million in February. Also, wholesale inventories in the US held at 0.1% in March, whilst sales rose 0.7%, the biggest monthly increase since April 2015. From a technical point of view, the pair is on a brink of a downward breakout, barely holding around the 61.8% retracement of its latest daily bullish run at 1.1370. In the 4 hours chart early attempts of advancing were contained by a bearish 20 SMA, whilst the technical indicators head modestly lower below their midlines, lacking momentum amid the intraday restricted range. Nevertheless and as long as the price remains unable to recover above 1.1420, the risk is towards the downside, with scope to test the 1.1280/1.1300 price zone.
Support levels:1.1335 1.1290 1.1250
Resistance levels: 1.1420 1.1460 1.1500
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WTI CRUDE
Crude oil prices move higher in early Thursday trading, with WTI futures extending to a fresh yearly high of $ 47.00 a barrel, after the International Energy Agency raised its 2016 global oil demand growth forecast to 1.2 million barrels per day from 1.16 million in April. But it later fell down to $45.58 on news that US stockpiles surged at the Oklahoma delivery hub during the week to May 10. After a quite volatile day, the commodity finally settled around 46.50, up for a third consecutive day. Technically, the daily chart shows that the price is well above a bullish 20 SMA, now around 44.60, a strong dynamic support, although in the same chart, the technical indicators have lost their upward strength within positive territory, limiting rallies for this Friday. In the 4 hours chart, the indicators are partially retreating from near overbought territory, but the price remains well above its moving averages, keeping the bullish trend alive.
Support levels: 46.00 45.30 44.60
Resistance levels:46.75 47.60 48.20
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EUR/USD
The American dollar closed the week with nice gains against most of its major rivals, getting a boost last Friday from betterthanexpected local data. US Retail Sales for April were up 1.3% compared to March, while the “control group” grew by 0.9% in the same period, the strongest in over two years. Also, the University of Michigan consumer confidence for May has jumped to 95.8 from 89.0 relative to a consensus forecast of 89.5. The improved technical tone of the greenback is, however, not enough to confirm that the US currency will keep on rallying, particularly due to the high levels of uncertainty surrounding the FX markets. Over the weekend, Chinese data pointed toward a slower growth in April, suggesting the economic slowdown of the world’s second largest economy is far from over, and therefore suggesting markets will be dominated by risk aversion at the weekly opening. Chinese Industrial Production surged by 6.0%in April, below the 6.8% printed in March and market’s expectations of 6.5%. Retail Sales in the same month rose by 10.1% yearly basis, missing expectations of a 10.6% advance. The EUR/USD pair fell for a second consecutive week, briefly dipping below the 1.1300 level before settling a few pips above it by the end of the week. The technical picture favors some additional declines in the pair for the upcoming days, as in the daily chart, the price has broken below its 20 SMA, for the first time since late April, whilst the technical indicators are crossing into negative territory. In the 4 hours chart, the price is now below its moving averages that anyway converge in a tight range, whilst the Momentum indicator heads south well below the 100 line and the RSI indicator consolidates near oversold readings, also maintaining the risk towards the downside.
Support levels: 1.1280 1.1240 1.1200
Resistance levels: 1.1340 1.1370 1.1410
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WTI CRUDE
Crude oil prices surged to fresh yearly highs, with WTI futures roughly 3.0% higher this Monday, reaching $47.82 a barrel, as news pointing for output disruptions suggest that supply and demand will come to balance sooner than expected, according to Goldman Sachs. The multinational investment banking said that the oil market is shifting into a deficit “much earlier than expected” as demand strengthens while another Nigerian company came off line, following last week’s shout down by Exxon Mobil. Holding near the mentioned high, oil is poised to extend its rally this week, with speculative interesting now pointing to a test of the 50.00 region. In the daily chart, the Momentum indicator has bounced from its midline and heads higher with limited upward strength, but the RSI indicator heads strongly higher approaching overbought levels, whilst the 20 SMA accelerated its advance below the current level, all in line with a continued advance. In the 4 hours chart, the technical picture is quite alike, with indicators heading north within bullish territory, and the 20 SMA now providing a dynamic support around 46.50.
Support levels: 47.10 46.10 45.90
Resistance levels: 47.90 48.60 49.20
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EUR/USD
Trading was quite erratic around the EUR/USD pair this Tuesday, which anyway remained confined to a 50 pips’ range ever since the day started. The greenback closed generally lower across the board, as an uptick in US inflation was not enough to dispel doubts over the next FED’s rate hike. US headline inflation rose from 0.9%YoY to 1.1%YoY in April, beating also expectations, whilst the core reading remained steady at 2.1%. Monthly basis, it came in at 0.4% against previous 0.1%. The dollar initially rallied with the news, as it was the biggest monthly increase in more than three years, but the rally was quickly faded. Also, US manufacturing rose in the same month for the first time in three months, with industrial production up by 0.7%.The EUR/USD fell down to 1.1301, but quickly reversed course and posted a daily high of 1.1348. Now pretty much flat on the day, the 4 hours chart for the pair suggests that the risk remains towards the downside, given that the intraday spike, stalled around the 38.2% retracement of the latest daily bearish run, and that the price is still unable to settle above a bearish 20 SMA although the technical indicators lack enough strength to confirm some directional move. FOMC Minutes to be released this Wednesday can shed some light over the US future, yet as long as above 1.1280, the downward risk of the pair will be limited.
Support levels: 1.1280 1.1240 1.1200
Resistance levels: 1.1340 1.1370 1.1410
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EUR/USD
The American dollar gained ground early Wednesday, with the EUR/USD pair falling down to a fresh 3week low of 1.1255 in the European morning, weighed by news showing that the EU slipped back into deflation in April. The EU preliminary estimate of inflation showed that the CPI fell 0.2% compared to a year before, while monthly basis it came out flat at 0.0%. The pair stabilized then below the 1.1300 level, as investors took a step back ahead of the FOMC Minutes of the April meeting. The document resulted hawkish, as most FED officials saw a rate hike as likely for next June, if data show an improving economy, triggering a dollar rally across the board, and sending the EUR/USD pair to fresh lows.The EUR/USD pair stands a few pips above April’s low of 1.1215, and the technical picture favors a break below the level as in the 4 hours chart, the price is accelerating far below a bearish 20 SMA, whilst the Momentum indicator heads sharply lower below its midline, whilst the RSI also heads south around 25. A break below the mentioned monthly low, can see the pair testing the 1.1160 level during the upcoming sessions, with the main bearish target being 1.1120, a major static support level. Should the decline extend below this last, dollar’s momentum will likely extend in the longer run, with scope to test 1.1000 during the upcoming week.
Support levels: 1.1215 1.1160 1.1120
Resistance levels: 1.1245 1.1280 1.1330
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GBP/USD
The Pound outperformed its major rivals, surging to a fresh 2week high against the greenback and holding on to gains by the end of the day, with the pair trading around 1.4630 after being as high as 1.4663 earlier in the day. The UK currency was underpinned by diminishing fears over a Brexit, and a surprise rebound in spending during April, as Retail Sales came in much betterthanexpected, up by 1.3% monthly basis and by 4.3% from a year before. The pair retraced to 1.4560 intraday, but buyers are firmly defending the upside around it, and given that the pair recovered from around the 61.8% retracement of its latest daily bullish run, the advance has scope now to extend up to 1.4770, this May high. Technical readings in the 4 hours chart support the bullish bias, as they have recovered they upward slopes after correcting overbought conditions, whilst the 20 SMA has extended its advance well above the current level. The line in the sand to buy on dips is 1.4525, the 38.2% retracement of the same rally.
Support levels:1.4560 1.4525 1.4480
Resistance levels: 1.4660 1.4700 1.4735
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EUR/USD
The EUR/USD pair closed in the red for a third consecutive week, with the greenback fueled by FOMC’s Minutes pointing for a soontocome rate hike in the US. On Friday, however, the pair consolidated its weekly losses, with the common currency finding some buyers on slides below the 1.1200 level against its American rival.The upcoming week will be quite busy in the macroeconomic front, with preliminary PMIs readings for the month of May in the EU quick starting the action this Monday. In the US, PMIs, Durable Goods Orders, and GDP are among the most relevant releases, but attention will mostly focus in FED officials’ speeches, spread all through the week, and any wording supporting a June rate hike. Nevertheless, uncertainty over growth will also be among the main themes behind markets’ movements. As for the technical picture, the EUR/USD pair has traded as low as 1.1179 last Thursday, and while it’s still unable to break below the key 1.1200 figure, bounces from the lows have been quite shallow and contained by selling interest around 1.1280, the level to regain to see the downward pressure easing, at least in the short term. Currently trading around 1.1216, the pair is stuck around its 100 DMA, but the dominant trend is clearly bearish. A daily ascendant trend line coming from this year low of 1.0505 is placed this week in the 1.1050/1.1100 region, a probable bearish target should the dollar keep rallying.
Support levels: 1.1160 1.1120 1.1080
Resistance levels: 1.1245 1.1280 1.1330
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EUR/USD
Market resumed dollar’s buying this Tuesday, sending the EUR/USD pair down to 1.1139 daily basis, level last seen on March 16th. The greenback began to advance during the Asian session, particularly against commodityrelated currencies, which pared losses in Europe, as the strong momentum in stocks helped them recover some ground. Overall higher, except against the Pound, the dollar is now poised to extend its rally, at least as FED’s officers maintain the hawkish tone in regards of a June rate hike. In Germany, the release of the ZEW survey showed that economic sentiment dropped to 6.4 in May, from 11.2 in April, but that assessment of the current situation rebounded after two drops, and came in at 53.1 in May, from 47.7 in April. The EU economic sentiment also fell, down to 16.8 in May from a previous 21.5. Further supporting the greenback were US New home sales, up to their highest level in eight years in March, as sales surged by 16.6% to a 619,000 annualized pace.The EUR/USD pair enters the Asian session with a strong bearish tone in its 4 hours chart, with the price far below a bearish 20 SMA, and the technical indicators still heading south, despite being in oversold levels. A daily ascendant trend line coming from December low of 1.0505 converges in the daily chart with the 200 DMA around 1.1080 a probable bearish target for this Wednesday, and the level to break to confirm a retest of the psychological 1.1000 figure. If somehow the common currency recovers ground, selling strong selling interest is expected to surge in the 1.1245/1.1280 region.
Support levels: 1.1120 1.1080 1.1040
Resistance levels: 1.1160 1.1200 1.1245
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GBP/USD
The GBP/USD pair kept rallying on Wednesday, reaching a fresh 3week high of 1.4728. The Sterling was underpinned by increasing evidence that the “remain” vote will likely end up winning the UK referendum. There were no relevant news in the UK, although this Thursday, the kingdom will release the second estimate of the Q1 GDP, initially estimated at 0.4%. In general, market is expecting a soft reading, in line with the macroeconomic figures released lately, which means that a reading of 0.4% or higher can support further Pound advances. Ahead of the Asian opening, the pair settled above the 1.4700, with a shortlived retracement in the US afternoon having met buying interest around 1.4685. In the 4 hours chart, the upward momentum is still strong, although the RSI indicator has turned flat around 70. Nevertheless, and with the pair having broken above the daily descendant trend line coming from early May high, the pair seems ready to extend its gains up to 1.4770 initially, with scope to extend up to 1.4920 should the mentioned resistance give up.
Support levels:1.4685 1.4640 1.4600
Resistance levels: 1.4730 1.4770 1.4815
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WTI CRUDE
Crude oil prices closed the day lower after reaching a fresh yearly high at the beginning of the day, with WTI futures printing $50.19 a barrel on the back of falling US stockpiles. The black gold retreated from the psychological level, but holds around 49.30, and seems likely it may try to break above it again during the upcoming sessions, although gains beyond it are expected to be limited, as is not yet clear that the global glut is over. In the daily chart, the commodity keeps trading above a sharply bullish 20 SMA, whilst the technical indicators have retreated partially from near overbought levels, but remain well above their midlines, providing little room for a steeper decline. In the 4 hours chart, the price is also holding above its 20 SMA that heads north a few cents below the current level, while the Momentum indicator turned south, but holds above the 60 level, and the RSI aims higher around 57, in line with the longer term outlook.
Support levels: 49.20 48.60.48.10
Resistance levels: 50.20 51.00 51.85
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GBP/USD
The British Pound was buoyed during the first half of the previous week, underpinned by Brexit fears easing further, amid opinion polls indicating the “remain” vote remains ahead. The GBP/USD pair surged up to 1.4739, the highest since May 3rd before retreating to the current 1.4600 region, down on broad dollar’s demand and a downward review of Q1 GDP. The UK’s GDP during the first quarter of 2016 was revised lower to 2.0% y/y from 2.1% in the preliminary estimate, below market’s expectations of a 2.1% reading. The quarterly reading, however, remained unchanged at 0.4%, showing growth remained tepid in the kingdom. Now trading around the 1.4600 figure, the daily chart shows that the price holds well above a horizontal 20 SMA, while the technical indicators retreat from near overbought levels, but remain within positive territory, suggesting the pair can continue grinding lower, particularly on an extension below 1.4600. The 4 hours chart presents a strong downward potential, as the price broke below its 20 SMA that lost its bullish slope and now caps the upside around 1.4650/60, while the Momentum indicator heads sharply lower below its 100 level and the RSI indicator consolidates around 46.
Support levels:1.4600 1.4570 1.4525
Resistance levels: 1.4655 1.4690 1.4730
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EUR/USD
The dollar closed the day modestly lower across the board, except against the Japanese yen which fell to a fresh 3week low against its American rival. Trading was extremely thin amid bank holidays in the UK and the US, but overall, the greenback’s decline seems corrective, as the overall sense that the FED will raise rates next June or July remains firm. The EU released several sentiment indexes this Monday, which came in generally positive, as consumer sentiment for May, remained unchanged at 7, but the business climate and the services sector came in better than expected, as well as future expectations. In Germany, CPI releases didn’t offer any major surprise, as inflation matched forecast for May, up 0.3% monthly basis, and 0.1% compared to a year before.The EUR/USD pair fell briefly below the 1.1100 figure, printing 1.1097 before bouncing some, to end the day up in the 1.1135 region. The upward movement was enough to erase the extreme oversold conditions reached in the short term, but overall, the bearish trend prevails, given that in the 4 hours chart, the price develops below its 20 SMA, whilst the technical indicators head south, with limited strength due to the absence of volume, within negative territory. The most relevant support continues being the 1.1080 level, where the 200 DMA converges with a daily ascendant trend line coming from November 2015 low, and a break below it should lead to further declines towards the 1.1000 region. Advances up to 1.1200, will likely be seen as selling opportunities by speculative interest.
Support levels: 1.1120 1.1080 1.1040
Resistance levels: 1.1160 1.1200 1.1245
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EUR/USD
Monthend fixing alongside with poor US data sent the greenback lower across the board at the beginning of the US session, although the EUR/USD pair remained welllimited below the 1.1200 figure, to end the day pretty much unchanged, around the 1.1130/40 region. At the end of the day, the dollar is mixed, but mostly higher across the board. German data was again encouraging, with April Retail sales up by 2.3% compared to the same month a year before, and unemployment rate down to 6.1% in May. In the EU, however, inflation fell as expected by 0.1% according to May preliminary readings, down for a third month in the last four. In the US personal spending rose by 1.0% in April, the only good news of the day, as the Chicago Business Barometer fell 1.1 points to 49.3 in May from 50.4 in April, the lowest level since February. Also, consumer confidence decline further in May, down to 92.6 from previous 96.0. The EUR/USD pair continues to lack directional strength and consolidating near its recent lows, and in risk of a downward movement, given that in the daily chart, the price is barely holding above the daily ascendant trend line coming November low, today at 1.1090. Additionally, and in the mentioned time frame, the 20 SMA heads sharply lower and aims to break below the 100 SMA, both far above the current level. Shorter term, the 4 hours chart maintains the neutral stance, with the price unable to advance beyond a mild bearish 20 SMA and the technical indicators hovering within negative territory.
Support levels: 1.1120 1.1090 1.1040
Resistance levels: 1.1160 1.1200 1.1245
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EUR/USD
The American dollar remained under selling pressure, on decreasing expectations of a Fed rate hike next June, following another round of US soft data. The Markit Manufacturing PMI for May came in at 50.7, above the previously estimated 50.5, but down from 50.8 in April, pointing to the weakest manufacturing performance since September 2009. Also, US Construction Spending posted its biggest decline in more than five years in April, down by 1.8% against expectations of a 0.6% gain. The ISM Manufacturing index was the only positive note of the day, up from 50.8 to 51.3 in May.The EUR/USD pair advanced modestly, up to 1.1188, the highest for this week, and consolidates nearby as the day fades. Investor’s attention will now turn towards the upcoming ECB economic policy meeting early Thursday, in where the Central Bank is generally expected to maintain its economic policy unchanged, and offer a more optimistic outlook of the economy. Despite so, chances of a EUR sustainable rally are quite low, considering that, for this month, market’s expectations are focused in the June 15th FED´s meeting, and sharp price moves will likely wait until then.Anyway, and after plummeting over 500 pips during the past month, the EUR/USD pair seems to have found an interim bottom in the 1.1100 region. From a technical point of view, the 4 hours chart shows that the price has managed to advance above its 20 SMA that has lost the downward slope, whilst the technical indicators are currently turning south, but within positive territory, limiting chances of a downward move for the upcoming hours. The pair has a strong static resistance in the 1.1230/40 region, being then, the level to break to confirm further short term gains this Thursday.
Support levels: 1.1160 1.1120 1.1090
Resistance levels: 1.1200 1.1235 1.1280
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EUR/USD
The American dollar started the day with the wrong foot, broadly lower across the board, yet as the day developed, it managed to regain some ground, to end mixed. The EUR/USD pair reached a weekly high of 1.1213 early London session, but began to retreat with the release of EU PPI data for April, showing that industrial producer prices fell by 0.3%, leaving the yearonyear reading at 4.4%. Then, it was the turn for the ECB, which, as largely expected, left its economic policy unchanged. Draghi statement include references to the implementation of its corporate bondbuying and TLTRO II programs, and did the slightest revisions possible to growth and inflation for this year, with inflation now expected to be 0.2% against previous 0.1% for this 2016. Overall, it was more dovish thanexpected. In the US, attention focused on minor employment figures, with the ADP private survey showing that the economy created 173,000 new jobs in May, slightly below expected, whilst weekly unemployment claims came in at 267K for the week ended May 27, beating expectations of 270K. The news fueled the greenback ahead of Friday’s Nonfarm Payroll report, expected to show that the US added 164K new jobs in May, whilst the unemployment rate is expected to have fallen down to 4.9%. The EUR/USD pair technical stance is still bearish, and will remain so unless the price recovers beyond 1.1230 a strong dynamic resistance as in the daily chart the 20 DMA and the 100 DMA converge there. In the 4 hours chart, the price is struggling around a horizontal 20 SMA, whilst the technical indicators head lower around their midlines, indicating bears are in control. Should the decline extend beyond 1.1120, the risk turns towards a test of 1.1000/40 this Friday, on a strong US employment report.
Support levels:1.1120 1.1085 1.1040
Resistance levels: 1.1200 1.1235 1.1280
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EUR/USD
The US monthly employment report released last Friday, cast serious doubts over the possibility of a US rate hike next summer, triggering a greenback’s selloff. The world’s largest economy added just some measly 38,000 new jobs last May, while the previous two months suffered downward revisions of 59K. The unemployment rate fell to 4.7%, the lowest since 2007, whilst wages posted a modest growth, with the Average hourly earnings rising 0.2% monthly basis, and 2.5% compared to a year before. Additionally, the latest ISM Nonmanufacturing PMI dropped to 52.9 in May from previous 55.7, below expectations and the lowest in two years. FED’s Chair Janet Yellen is due to speak about the economic outlook and monetary policy at the World Affairs Council of Philadelphia’s luncheon this Monday, but seems unlikely her wording could affect market’s negative sentiment towards the dollar. Overall, the macroeconomic calendar will be light this week, with attention shifting towards June 15th FED’s meeting. In the meantime, the EUR/USD pair recovered up to 1.1355, where it closed the week, the 50% retracement of the May´s slide. The strong uturn in sentiment favors now the upside, and so do technical readings, as in the daily chart, the price is well above the 20 and 100 SMAs, currently around 1.1220, whilst the technical indicators head sharply higher after recovering above their midlines. In the shorter term, the 4 hours chart shows that the technical indicators pared their advances in extreme overbought territory, but give no signs of retreating, suggesting the pair may consolidate before breaking higher, with scope now to extend its rally up to 1.1460 a major static resistance level.
Support levels:1.1330 1.1280 1.1240
Resistance levels: 1.1370 1.1415 1.1460
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