EUR/USD Daily Technical Analysis

On Thursday session EUR/USD was trading slightly lower and earlier this morning hit 1.1366. Although there’s no substantial downtrend and generally the pair moves sideways without clear direction from Monday, the bearish scenario still effects with closest target around 1.1275 - 1.1200. Immediate resistance is located at 1.1450 and 1.1500.

On Friday session the single currency continued to depreciate against the US dollar for a second day, which marked another negative week. The daily decline amounted to 65 pips to a closing price of 1.1310 as the pair traded within the extreme values 1.1379 and 1.1282. The price remains below average values, while the index of relative strength is in support of bears. A breakthrough of 1.1280 will lead to further decline.

The single currency recorded slight increase against the dollar on Monday, breaking a two-day negative series. The pair moved within a narrow range with extreme values reached at 1.1341 and 1.1301, and finally the euro rose 11 pips to a closing price of 1.1319. Index relative strength develops in negative territory as the price remains limited by the resistance at 1.1350 and moving averages upwards.

The single currency rose against the dollar on Monday to 1.1322 or with a growth of only 0.09%. The pair is in a narrow range in anticipation of inflation data in the US today, which could present a clearer picture of the future of the US economy.

Today the attention of traders will be focused on data on inflation in the UK and the US. Later, three representatives of the US Federal Reserve will make their statements. The day will be difficult for the single currency, as in Asia the pound and the Australian dollar strengthened considerably to all currencies.

Key levels to watch for:
Support: 1.1280; 1.1215; 1.1150;
Resistance: 1.1350; 1.1465; 1.1620.

EUR/USD didn’t move significantly on Tuesday and continued trading at familiar levels for the second consecutive day. The euro depreciated softly to 1.1311 and reached extremes at 1.1348 and 1.1301. Fed minutes failed to support the US dollar. Bears remain in the leading position, which will be reinforced by break of 1.1280.

On Wednesday session the euro recorded its worst performance against the dollar since mid-April after Fed minutes hinted for a rate hike next month. The single currency plummeted and closed at levels of daily low at 1.1215. Negative mood is still actual, but the relative strength index hints overselling. Eventual correction could bring bears back.

On Thursday, the dollar is stable to seven-week highs against other major currencies, as the US currency had a significant support to the renewed expectations of an increase of the base rate in the US in June. The EUR/USD is almost unchanged at 1.1217, the low of March.

Key levels to watch for:
Support: 1.1150; 1.1070;
Resistance: 1.1280; 1.1350; 1.1465.

During Wednesday session the single currency extended losses. The EUR/USD pair traded in a narrow range, dropped to intraday low at 1.1179 and ticked daily high at 1.1229. Technically the euro recorded third consecutive weak session to a closing price of 1.1201. First support is seen at 1.1150, and resistance at 1.1220.

On Monday, the euro was slightly elevated gainst the US dollar, but after a volatile session, added only 11 pips. The graphics continue to develop under moving averages, while the index of relative strength remained in neutral territory. Still the sentiment is bearish and may expect test of the support at 1.1100.

Key levels to watch for:
Support: 1.1100;
Resistance: 1.1286; 1.1450; 1.1630.

The Federal Reserve is likely to raise interest rates two or three times this year, said one of the senior officials of the Federal Reserve on Monday, reinforcing expectations of tighter monetary policy of the central bank against the backdrop of the US economic recovery after the winter brake.

EUR/USD dragged down to 1.1144, 0.67% weaker today. Intraday high was marked at 1.227 and low at 1.1132, rolling away from this week highs.

The single currency resumed its decline against the US dollar on Tuesday. The euro lost 80 pips at a closing price of 1.1139. The price is heading towards the 1.11 mark, which is acting as a support. Resistance is seen at 1.357.

Euro/dollar was moving lower yesterday, bottomed at 1.1132. The price closed below the 200 EMA, suggesting a potential bearish view. Trading signals remain bearish for testing the lower line of the bullish channel, localized around 1.1100 - 1.1050, which is the key support at this stage. A clear break below the bullish channel could give us another confirmation of the continuation of the bearish scenario testing 1.0800. Immediate resistance is seen at 1.1180, whose breakthrough could lead price to neutral zone testing 1.1225 - 1.1275.

Key levels to watch for:
Support: 1.1100;
Resistance: 1.1286; 1.1450; 1.1630.

The euro/dollar is calm after yesterday's sales. On Wednesday, there aren't much news, almost no comments, and the market is resting before the next wave of volatility. The main trades in the euro/dollar go around the 1.1150 mark, as in the morning.

The German Ifo upbeat couldn’t push euro higher. The battle for conquering 1.1250 most probably will lead to backtrack and persuit of 1.1100 (200-day MA).