- EUR created a doji candle yesterday, establishing the area above 1.1320 as the level to beat for the bulls.
- The shared currency is struggling to pick up a bid despite tighter Greek-German 10-year government bond yield spread. The Greek 10-year bond yield fell to a 13-year low yesterday.
- A better-than-expected German Zew survey, due at 09:00 GMT, could yield a sustained move above 1.1320.
The shared currency's struggle for a convincing move above 1.13 continues for the third day despite the drop in the Greek 10-year bond
yield and tighter Greek-German bond yield spread.
Greek government bond yields fell to near record low levels yesterday in response to comments by a senior official that a deal to repay
International Monetary Fund loan is imminent.
Notably, the 10-year yield fell to slipped to 3.29 percent, its lowest since September 2005 and the spread with the German counterpart
narrowed to 232 basis points - the lowest since February 2018.
The tightening of Greek-German yield spread is known to put a bid under the common currency. This time, however, the narrowing of
Greek-German yield spread has failed to lift the shared currency. In fact, the pair created a doji candle yesterday with a long
upper wick yesterday, establishing Friday's high of 1.1324 as the level to beat for the bulls.
A close above 1.1324 would invalidate the doji candle and signal a continuation of the rally from the recent low of 1.1184. That looks likely in case the German Zew surveys beat expectations by a big margin, alleviating concerns of a deeper economic slowdown in the Eurozone's biggest economy. The bullish case may strengthen if the Greek 10-year yield hits record low below 3.203 percent.
On the other hand, a close below 1.1298 (doji's low) would imply an end of the bounce from the lows near 1.1180. A weaker-than-expected German Zew data could push the common currency well below 1.1298.
|Today last price||1.1303|
|Today Daily Change||-0.0001|
|Today Daily Change %||-0.01|
|Today daily open||1.1304|
|Previous Daily High||1.1322|
|Previous Daily Low||1.1298|
|Previous Weekly High||1.1326|
|Previous Weekly Low||1.1213|
|Previous Monthly High||1.1448|
|Previous Monthly Low||1.1176|
|Daily Fibonacci 38.2%||1.1307|
|Daily Fibonacci 61.8%||1.1312|
|Daily Pivot Point S1||1.1293|
|Daily Pivot Point S2||1.1284|
|Daily Pivot Point S3||1.1269|
|Daily Pivot Point R1||1.1317|
|Daily Pivot Point R2||1.1331|
|Daily Pivot Point R3||1.1341|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.