The single currency recorded a decline against the dollar on Tuesday. After a volatile session, the euro lost 37 pips to a closing price of 1.1495. If the direction continue downwards, we can expect an attempt to test first support at 1.1450. On the upside, pair will target to resistance at 1.1630.
Euro/dollar attempted to push higher yesterday, topped at 1.1616 but tumbled down then and closed lower at 1.1499. The bias is bearish for test of 1.1400. Immediate resistance is at 1.1550, whose breach could lead price to neutral zone with re-testing 1.1616. The price is still in bullish phase but potentially 1.1700 remains strong resistance and failure to break above the upper line of the bullish channel and 1.1700 could lead to downward pressure with targets near the lower limit of the channel.
The main event of Wednesday was the publication of the report from ADP to change the number of new jobs in the US economy last month. The April data were quite disappointing.
The euro fell against the dollar on Tuesday, although it managed to reach 1.1615. The single currency fell 0.4 percent to 1.1510, which is the weakest performance last week.
On Wednesday session the euro marked a slight decline against the US dollar. The session started at 1.1495 and finished only 10 pips lower. The graphics continue to develop over moving averages, while the index of relative strength remains on neutral territory. In the short term outlook remains neutral as for further progress the pair must jump and stay above 1.1600.
The euro was down against the US Dollar on Wednesday. Currently EUR/USD is trading at 1.1472, shedding 0.1%. I believe that the support is now located at the level of 1.1333, Friday's low, and resistance is likely to make the level of 1.1615 - a maximum of Tuesday.
The head of the Federal Reserve Bank (FRB) Minneapolis Neil Kashkari convinced that the Federal Reserve (Fed) wants the normalization of interest rates in the United States, but will not actively raise them.
According to him, the Fed will change the rate when such a move is justified by macroeconomic indicators.
Next on focus is US labor market data that will be released tomorrow. EUR/USD is testing the support located at 1.43. If the pair overcome it, will move downwards to 1.14, heading to 1.1370.
On Thursday session the euro marked a decline against the US dollar. The session started at 1.1485 and the price managed to break through the first support at 1.1450. The pair lost 81 pips to a closing price of 1.1404. If the euro keep its downward movement, we may expect an attempt to break of the first support at 1.1286.
EUR/USD started the new week hovering around 1.14 as there are not enough incentives to push the pair into clear direction. Immediate resistance is seen at 1.14450 and 1.1470 levels. The support is located at 1.14 and if we witness a break, the pair might drop to 1.1340.
The euro recorded a volatile session against the dollar on Friday. Ultimately, however, the opening price almost coincided with that of the closing, respectively, 1.1404 and 1.1403. In the early hours of the bulls dominated trade and so the couple did test the first resistance at 1.1429, after reaching a peak for the day at 1.1477. Subsequently the single currency fully accumulated losses lead. If the expectationd for a new rise of the dollar justify, EUR/USD will move to the support at 1.1309.
The single currency fell slightly against the US dollar on Monday, trading volumes remained low throughout the day as investors looked for direction after disappointing employment data last week.
The pair moved between 1.1375 levels and 1.1419, before settling at 1.1382 for the day.
The economic calendar also failed to give clear direction to the currency since remained deprived of news that could influence the traders.
The decline in oil prices by more than 4 percent and weak data on the trade balance in China led to the growth of the US currency.
European currencies were less volatile and reported minimal losses against the dollar.
EUR/USD did not make significant movement yesterday and again failed to conquer 1.14. The bias remains bearish in nearest term with a possible test of 1.1275 - 1.1200. First resistance is around 1.1430. A clear breakout beyond it, might take price to neutral trading zone for testing 1.1475 - 1.1500.
The euro marked a slight drop against the US dollar on Tuesday session. The short-term indicators remain in favor of the US currency. In this case the pair might test the support at 1.1309.
The single currency fell slightly against the US dollar on Tuesday, trading volumes remained low during the day while the positive employment data in the US supported the dollar.
The pair moved between 1.1358 levels and 1.1409, before settling at 1.1371 for the day or down by about 10%.
Key levels to watch for:
Support: 1.1309; 1.1270;
Resistance: 1.1492; 1.1540.
The pair has lost the will to find a clear direction. The lack of major macro data and minimal volatility keep EUR/USD stuck around 1.14. Immediate resistance is located at 1.440 and the support I around 1.340. In case of breaking it, the pair will drift further to 1.340.
