Despite negative US capacity utilization data and positive news regarding April’s Economic Sentiment, the Euro was unable to break through the weak 1.1314 Resistance point (FE 38.2%) which would lead to the clear 1.1320 strong Resistance. At the moment, the immediate Support level is at the psychological 1.13 level, while the next Support stands at 1.1279. The 200HMA is fast approaching, currently at 1.1266.
The MACD and Stochastics are both supportive of a downwards movement, with the latter’s candles increasing in size, while the RSI, trading at 45 is not showing any signs. No important releases are expected today and tomorrow for the US, while for the Euro Area, the current account – trade balance releases tomorrow could move the charts. Otherwise, it remains to be seen whether the lack of available data would mean that non-agreement of the two main UK political parties regarding Brexit can spill over to the European market.
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
The MACD and Stochastics are both supportive of a downwards movement, with the latter’s candles increasing in size, while the RSI, trading at 45 is not showing any signs. No important releases are expected today and tomorrow for the US, while for the Euro Area, the current account – trade balance releases tomorrow could move the charts. Otherwise, it remains to be seen whether the lack of available data would mean that non-agreement of the two main UK political parties regarding Brexit can spill over to the European market.
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.