Positive employment data out of the US led to risk taking among investors on Friday, which resulted in temporary gains for the euro. Against the US dollar, the common-currency shot up more than 70 pips during mid-day trading to hit a two-week high at 1.3070. The euro was not able to maintain its upward momentum, and by the end of the day had given up most of its gains to finish out the week at 1.3031. Against the British pound, the euro had better luck. The EUR/GBP advanced more than 40 pips over the course of the day before closing out the week at 0.8077.
This week, euro traders will want to continue monitoring news out of Spain, particularly with regards to its debt situation and a potential request for a euro-zone bailout. Analysts are warning that until a bailout request is made, the euro could have a hard time maintaining any of its recent gains. Additionally, attention should be given to a speech from ECB President Draghi, scheduled to take place on Tuesday. Any optimism in his speech regarding the euro-zone economic recovery could help the euro.
| EUR/USD intraday: under pressure. |
Pivot: 1.301
Our preference: Short positions below 1.301 with targets @ 1.2935 & 1.2875 in extension. Alternative scenario: Above 1.301 look for further upside with 1.304 & 1.307 as targets. Comment: the pair has broken below a bearish flag lower boundary and should face further weakness. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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