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29 May 2015
EUR/USD: What goes down must come up
FXStreet (Guatemala) - EUR/USD is currently trading at 1.0967 with a high of 1.0974 and a low of 1.0946.
EUR/USD has been better bid in a minor recovery in the bigger picture on the daily and weekly charts. What goes down must come back up routine, while 1.0880 is a psychological level that has been of some support to the bulls who are now attacking through stop territory for a cent higher in over gains in the US shift.
The US session was a mixed bag with headlines coming in the main around the Grexit debate and officials becoming inpatient calling for a "no show" by Greece yet again, and odds moving back against a deal being finalised. The Greeks have until 5th June to come up with an outline of the overall deal if fresh cash is to be offered across the table from the EZ. IMF's Lagarde had earlier been misunderstood/quoted saying that a Grexit is a "possibility" instead of being quoted as saying that it is a "potential" outcome.
For the US, we await the results of GDP Q1 arriving tomorrow at 0830 ET. The sentiment is that the US economy contracted in the first three months of 2015 and possibly fell at an annual pace of 1% for the first quarter. Gross Domestic Product Annualized (Q1) actual consensus is -0.8%.
Technically, rallies on any poor data tomorrow in this respect are likely to find resistance circa 1.0960/1.1050 ahead of a far reach of 1.1208 which is the high from the 22nd May.
EUR/USD has been better bid in a minor recovery in the bigger picture on the daily and weekly charts. What goes down must come back up routine, while 1.0880 is a psychological level that has been of some support to the bulls who are now attacking through stop territory for a cent higher in over gains in the US shift.
The US session was a mixed bag with headlines coming in the main around the Grexit debate and officials becoming inpatient calling for a "no show" by Greece yet again, and odds moving back against a deal being finalised. The Greeks have until 5th June to come up with an outline of the overall deal if fresh cash is to be offered across the table from the EZ. IMF's Lagarde had earlier been misunderstood/quoted saying that a Grexit is a "possibility" instead of being quoted as saying that it is a "potential" outcome.
For the US, we await the results of GDP Q1 arriving tomorrow at 0830 ET. The sentiment is that the US economy contracted in the first three months of 2015 and possibly fell at an annual pace of 1% for the first quarter. Gross Domestic Product Annualized (Q1) actual consensus is -0.8%.
Technically, rallies on any poor data tomorrow in this respect are likely to find resistance circa 1.0960/1.1050 ahead of a far reach of 1.1208 which is the high from the 22nd May.