EUR/USD Current Price: 1.1371

The Euro and the US Dollar posted mixed results across the board on Wednesday. The greenback outperformed during the first half of the day after Fed rate cut expectations were tampered by comments from Fed’s officials on Tuesday. US data released had no impact on markets. Durable Goods Orders declined in May 1.3%, more-than-expected, however, excluding transportations orders rose 0.3% and also core orders climbed 0.4. Some positive details offset the negative headline. On Thursday data to be released in the US includes final numbers for Q1 GDP, jobless claims and pending home sales. The US Dollar could be sensitive to data after recent events. Across the Atlantic, German Consumer Confidence tracked by GfK showed a decline to 9.8, confirming the downbeat momentum. On Thursday, EZ sentiment indicators and German inflation are the key reports.

US President Trump departed to Japan for the G20 summit that will be the primary focus for investors. US Treasury Secretary showed optimism about a trade deal and boosted equity prices while President Trump again criticized the Fed for is policy and said it would better with someone like Mario Draghi.

From a technical perspective, the EUR/USD remains with a bullish outlook in the short-term with price consolidating recent gains and holding above the 200-day SMA and far from the 20 and 55-day SMA. The daily chart shows that the 20 SMA crossed the 55 SMA, a bullish signal. The positive tone around the euro will remain intact as it holds on top of 1.1340, a confluence of the 200-day SMA and a horizontal resistance. Below that level, the correction could gain speed, but it should find support above 1.1300. The bullish momentum could soften if EUR/USD holds far from 1.1400 as the slop of the 20 SMA slows and Momentum heads south below 100. The 1.1400/10 is the resistance to break for the pair to resume the upside.

Support levels: 1.1340 1.1305 1.1285

Resistance levels: 1.1390 1.1420 1.1445

View Live Chart for the EUR/USD

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