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19 Jun 2013
EUR/USD consolidating gains near 1.3400
FXstreet.com (Barcelona) - After trading as high as 1.3416 at one point in the day, the EUR/USD finished with solid gains up 33 pips at 1.3394.
German ZEW beats estimates
Analysts at Rabobank shared some thoughts on the latest German ZEW survey which was released during the previous European session and came out better than expected. “Germany’s ZEW survey, a timely snapshot of investor and analyst opinion in Europe’s largest economy, sent mixed signals. The Current Situation index eased lower to 8.6 in June from May’s 8.9. June’s reading is the lowest in four months. The forward-looking Sentiment index gained to 38.5 from May’s 36.4. June’s reading is the highest in three months.” In conclusion, Rabobank went on to mention while the report did likely not do much to settle market volatility in the short term, the longer term outlook appears to be improving.
Technicals maintain bullish bias
Val Bednarik, Chief Analyst at FXstreet.com provided some thoughts on the recent price action in EUR/USD, and then went on to discuss some technical developments on the shorter term time frame charts. “The EUR/USD managed to advance some this Tuesday, breaking and standing a few pips above the 1.3400 level. Market players had been pretty cautious ahead of tomorrow’s FED economic policy announcement, with the possibility of some tapering already priced in.”
In turning towards the charts, Bednarik went on to comment, “EUR/USD maintains a bullish tone according to the hourly chart, as price recovered from a short term ascendant trend line to quickly overcome its 20 SMA, while indicators hold in positive territory. The lack of volume at the time being helps indicators turn flat and lack momentum, but there are no signs the upside is not still favored. In the 4 hours chart technical readings present a strong upward momentum, favoring a continuation towards 1.3520, next strong midterm resistance level”
German ZEW beats estimates
Analysts at Rabobank shared some thoughts on the latest German ZEW survey which was released during the previous European session and came out better than expected. “Germany’s ZEW survey, a timely snapshot of investor and analyst opinion in Europe’s largest economy, sent mixed signals. The Current Situation index eased lower to 8.6 in June from May’s 8.9. June’s reading is the lowest in four months. The forward-looking Sentiment index gained to 38.5 from May’s 36.4. June’s reading is the highest in three months.” In conclusion, Rabobank went on to mention while the report did likely not do much to settle market volatility in the short term, the longer term outlook appears to be improving.
Technicals maintain bullish bias
Val Bednarik, Chief Analyst at FXstreet.com provided some thoughts on the recent price action in EUR/USD, and then went on to discuss some technical developments on the shorter term time frame charts. “The EUR/USD managed to advance some this Tuesday, breaking and standing a few pips above the 1.3400 level. Market players had been pretty cautious ahead of tomorrow’s FED economic policy announcement, with the possibility of some tapering already priced in.”
In turning towards the charts, Bednarik went on to comment, “EUR/USD maintains a bullish tone according to the hourly chart, as price recovered from a short term ascendant trend line to quickly overcome its 20 SMA, while indicators hold in positive territory. The lack of volume at the time being helps indicators turn flat and lack momentum, but there are no signs the upside is not still favored. In the 4 hours chart technical readings present a strong upward momentum, favoring a continuation towards 1.3520, next strong midterm resistance level”