The EUR/USD extends its decline this Tuesday, down to 1.3790 so far today, consolidating now around 1.3800 after the release of ZEW survey showing German investors confidence fell for a fourth month in April, but rose in the EU as a whole.
But data seems to have little to do with the EUR these days, still weighted by sentiment after every possible ECB officer defended QE since last Saturday: market players are pricing in some action for upcoming May meeting and if the Central Bank fails to deliver, the EUR will likely soar. But that’s something yet to be seen, and in the short term, the negative tone prevails: the 4 hours chart shows indicators gaining bearish momentum in negative territory, while 20 SMA turns lower above current price.
In the same chart, price has found intraday support around its 200 EMA currently around mentioned 1.3790, while a strong Fibonacci support stands at 1.3780: a break below this last should lead to a downward extension in the short term towards the 1.3720/30 price zone, where the daily ascendant trend line coming from 1.2755 stands today.
To the upside, price needs to firm up above 1.3820/30 area to be able to advance today, looking for a test of 1.3850 price zone; once above this last, it may extend up to 1.3890 and finally fill the weekly opening gap.
View Live Chart for EUR/USD
But data seems to have little to do with the EUR these days, still weighted by sentiment after every possible ECB officer defended QE since last Saturday: market players are pricing in some action for upcoming May meeting and if the Central Bank fails to deliver, the EUR will likely soar. But that’s something yet to be seen, and in the short term, the negative tone prevails: the 4 hours chart shows indicators gaining bearish momentum in negative territory, while 20 SMA turns lower above current price.
In the same chart, price has found intraday support around its 200 EMA currently around mentioned 1.3790, while a strong Fibonacci support stands at 1.3780: a break below this last should lead to a downward extension in the short term towards the 1.3720/30 price zone, where the daily ascendant trend line coming from 1.2755 stands today.
To the upside, price needs to firm up above 1.3820/30 area to be able to advance today, looking for a test of 1.3850 price zone; once above this last, it may extend up to 1.3890 and finally fill the weekly opening gap.
View Live Chart for EUR/USD
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