EUR/USD: Daily Analysis

Technical Analysis
০২ মে, ২০১৭
EUR/USD: Daily Analysis

Today we would look at one of the world’s most popular pairs, the EUR/USD. There is a lot going on this week on both sides of the ocean, so that is bound to affect the exchange rate between these two currencies. Let’s take a look. First of all, we have a number of reports coming from Europe today. Excitement has accumulated over the long week (May 1 is Labour Day in most European countries) and now investors are waiting to see unemployment rate data, the manufacturing PMI of Germany, France, Spain, and Italy, among a few other economic releases. In Europe right now the most important conversation is about the second round of elections in France where pro-EU candidate Macron will face EU-sceptic Le Pen this Sunday. The outcome of these elections will have a vast impact on the European Union’s future and will either stabilize or destroy the European currency. Across the Atlantic, the dollar is experiencing some pressure from fundamental news. President Donald Trump has had a tough week as he admitted that the presidency is more challenging than he had initially expected and many news sources launched publications that cast doubts on his mandate. He also nearly sabotaged his own government by almost failing to agree on a budget. Last week the GDP growth of the United States for the first quarter of the year (the first months of Trump’s rule) was released; this important statistic came at only 0.7% against the expected 1.5%, likely promising very slow growth for the rest of the year. Today we expect the total vehicle sales data that might bring additional volatility to the pair. Looking at the daily chart, we should watch out for the resistance levels at 1.0943 and 1.0954, with a breakout buy at 1.0960. For the lower borders, keep an eye on the supports at 1.0871, 1.0860, and the breakout sell at 1.0854. As of the moment of this publication, the EUR/USD is at 1.0913, within the borders of the levels mentioned and the moving averages are giving us a buy signal.

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