Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro accelerated lower in early European trading on Thursday, pressured by central banks’ intervention in Asia.
The single currency is at one month low after bears took out the last obstacle at 1.1147 (Fibo 76.4% of 1.1111/1.1264) and opened way towards key support at 1.1111 (2019 low, posted on 26 Apr).
German and EU Manufacturing and Services PMI’s both fell below expectations in May, adding to negative outlook.
Bullish divergence on oversold slow stochastic warns that bears may face strong headwinds from 1.11 support zone.
Consolidative / corrective actions are expected to offer better selling opportunities while holding below falling 10SMA (1.1180) which is diverging from 20SMA after formation of bear-cross.
Res: 1.1154; 1.1180; 1.1203; 1.1224
Sup: 1.1130; 1.1111; 1.1075; 1.1000
Interested in EURUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Bitcoin Price Outlook: All eyes on BTC as CNN calls halving the ‘World Cup for Bitcoin’
Bitcoin price remains the focus of traders and investors ahead of the halving, which is an important event expected to kick off the next bull market. Amid conflicting forecasts from analysts, an international media site has lauded the halving and what it means for the industry.
Is the Biden administration trying to destroy the Dollar?
Confidence in Western financial markets has already been shaken enough by the 20% devaluation of the dollar over the last few years. But now the European Commission wants to hand Ukraine $300 billion seized from Russia.