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30 May 2014
EUR/USD: Slightly bearish tone, shorts uncommitted to add - FXStreet
FXStreet (Bali) - Valeria Bednarik, Chief Analyst at FXStreet, suspects quiet month-end trading conditions for the EUR/USD this Friday ahead of next week's ECB meeting (Thursday May 5), with investors unwilling to over commit to further shorts for now.
Key Quotes
"Dollars closed the day with mild losses against its European rivals, despite GDP number in the US disappointed big: second estimated for the quarter printed -1.0% against the -0.6% expected, while pending home sales also grew less by expected."
"The only positive number was weekly unemployment claims, down to 300K, but market swings were again determinate by bonds & yields rather than economic data. Having been up and down all through the day, 10Y notes are up to 2.457% by the end of US session, preventing greenback from falling further."
"Technically, the EUR/USD extended its decline down to 1.3585 but traded within known ranges, capped to the upside by 1.3635, 100 SMA in the hourly chart. In this last time frame, a slightly bearish tone prevails as indicators head lower crossing their midlines, while price stands below its 20 SMA."
"In the 4 hours chart technical readings also stand in negative territory, but showing no actual strength either side of the board: market players are reluctant to move too far away, ahead of major events next week, anticipating a quiet end of month for this Friday."
Key Quotes
"Dollars closed the day with mild losses against its European rivals, despite GDP number in the US disappointed big: second estimated for the quarter printed -1.0% against the -0.6% expected, while pending home sales also grew less by expected."
"The only positive number was weekly unemployment claims, down to 300K, but market swings were again determinate by bonds & yields rather than economic data. Having been up and down all through the day, 10Y notes are up to 2.457% by the end of US session, preventing greenback from falling further."
"Technically, the EUR/USD extended its decline down to 1.3585 but traded within known ranges, capped to the upside by 1.3635, 100 SMA in the hourly chart. In this last time frame, a slightly bearish tone prevails as indicators head lower crossing their midlines, while price stands below its 20 SMA."
"In the 4 hours chart technical readings also stand in negative territory, but showing no actual strength either side of the board: market players are reluctant to move too far away, ahead of major events next week, anticipating a quiet end of month for this Friday."