While positive EU news from earlier in the week continued to help the euro throughout morning trading yesterday, the common-currency was not able to hold onto its gains and once again turned bearish during the US session. Against the dollar, the euro climbed more than 60 pips during the first half of the day, eventually trading as high as 1.3019, before falling back to the 1.2970 level when US markets opened. After gaining more than 70 pips against the yen to trade as high as 103.92, the euro fell back to the 103.50 level during afternoon trading.
| EUR/USD intraday: caution. |
Pivot: 1.2950.
Our preference: LONG positions above 1.295 with 1.2995 & 1.302 in sight. Alternative scenario: The downside penetration of 1.295 will call for 1.292 & 1.288. Comment: the pair is pulling back on its support, caution. |
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Turning to today, bank holidays throughout much of the euro-zone means that euro movements will likely come as a result of US news. Traders will want to pay attention to the ADP Non-Farm Employment Change, CB Consumer Confidence figure and ISM Manufacturing PMI. Any better than expected data could lead to risk taking among investors, which may boost higher-yielding assets like the euro during afternoon trading.
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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