EUR/USD: Appetite to buy into weakness [Video]

Richard Perry Independent Analyst

EUR/USD

The euro bulls continue to test the multi-week resistance between $1.1350/$1.1375 which has acted as a limit to their attempts to get real control on this market. There is an appetite to buy into weakness that means EUR/USD is pressuring higher, however, there needs to be a release of the shackles to truly back a bull run. Momentum indicators look primed and ready, with the Stochastics and RSI swinging higher in a positive bias, whilst MACD lines have converged above neutral, potentially ahead of a bull cross. Yesterday’s close of $1.1340 was the highest close for a month and adds further evidence that the bulls are ready. We look to buy into supported weakness. Support at $1.1255 needs to hold, but the bulls will want to build above $1.1300 now (shown on the hourly chart as a near term pivot). A close above $1.1375 would confirm the bulls in control to test $1.1420 and then the crucial $1.1490 March high comes into play.

Author

Richard Perry

Independent Analyst

EUR/USD turns negative near 1.1850

EUR/USD has given up its earlier intraday gains on Thursday and is now struggling to hold above the 1.1850 area. The US Dollar is finding renewed support from a pick-up in risk aversion, while fresh market chatter suggesting Russia could be considering a return to the US Dollar system is also lending the Greenback an extra boost.

GBP/USD change course, nears 1.3600

GBP/USD gives away its daily gains and recedes toward the low-1.3600s on Thursday. Indeed, Cable now struggles to regain some upside traction on the back of the sudden bout of buying interest in the Greenback. In the meantime, investors continue to assess a string of underwhelming UK data releases released earlier in the day.