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2013-05-02 07:00 GMT
Will the ECB Kill the EUR Rally?
The euro has performed extremely well leading up to Thursday's European Central Bank monetary policy announcement. In fact, it may be hard for some investors to believe that the majority of economists are looking for the ECB to cut interest rates by 25bp. Traditionally, expectations for easier monetary policy is negative for a currency but in the case of the euro, since the central bank started dropping hints about the potential for lower rates and economic data confirmed the need for more stimulus, the euro appreciated in value, rising to its highest level against the U.S. dollar in 2 months today.
The European Central Bank has done a great job of setting expectations for this month's monetary policy meeting. They are known for preparing the market for any upcoming changes in policy with the hopes of minimizing volatility when the actual change is made. Since the last meeting, we have heard consistently cautious comments from policymakers who all sound as if they are warming to idea of more stimulus if data warrants it and it certainly does given the widespread weakness in German business, consumer and investor confidence along with the decline in manufacturing and service activity. - FXstreet.com
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2013-05-02 11:45 GMT
EU.ECB Interest Rate Decision (Apr 2)
2013-05-02 12:30 GMT
USA.Initial Jobless Claims (Apr 26)
2013-05-02 12:30 GMT
USA.Trade Balance (Mar)
2013-05-02 23:30 GMT
AUS.AiG Performance of Services Index (Apr)
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2013-05-02 03:00 GMT
GBP/USD - Another day of gains, but unable to take out 1.5600 resistance
2013-05-02 02:23 GMT
AUD/USD continues to lose ground in Asia session
2013-05-02 00:43 GMT
EUR/USD forms a false break at 1.32
2013-05-02 00:08 GMT
USD/JPY slips to session lows post-BoJ minutes
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EURUSD
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HIGH
1.31898
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LOW
1.31662
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BID
1.31709
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ASK
1.31713
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CHANGE
-0.07%
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TIME
08:12:16
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Up
trend
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Next barrier on the upside lie at 1.3185 (R1). Surpassing of this level might enable our initial target at 1.3213 (R2) and any further gains would then be limited to last resistive structure at 1.3239 (R3). Downwards scenario: On the other hand, successful retest of our next support level at 1.3156 (S1) might provide sufficient momentum for the price acceleration towards the interim target at 1.3120 (S2). Final aim for today locates at 1.3084 (S3).
Resistance Levels: 1.3185, 1.3213, 1.3239
Support Levels: 1.3156, 1.3120, 1.3084
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GBPUSD
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HIGH
1.55724
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LOW
1.55409
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BID
1.55475
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ASK
1.55483
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CHANGE
-0.05%
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TIME
08:12:17
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Possibility of market strengthening is seen above the immediate resistive barrier at 1.5573 (R1). Price extension above it is required to validate our next intraday targets at 1.5598 (R2) and 1.5629 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.5527 (S1), we expect to see further market decline towards to our next target at 1.5507 (S2) and then next stop could be found at 1.5481 (S3) mark.
Resistance Levels: 1.5573, 1.5598, 1.5629
Support Levels: 1.5527, 1.5507, 1.5481
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USDJPY
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HIGH
97.422
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LOW
97.088
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BID
97.191
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ASK
97.195
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CHANGE
-0.21%
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TIME
08:12:18
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Sideway
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
High
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Upwards scenario: Pair has settled sideways formation on the hourly timeframe. However potential to move higher is seen above the resistance level at 97.42 (R1) mark. Loss here would suggest next intraday targets at 97.61 (R2) and 97.82 (R3). Downwards scenario: On the other hand, our next support level aligns at 97.11 (S1) and possible price regress below it might encounter downside rally. In such scenario we would suggest next intraday targets to be placed at 96.89 (S2) and 96.70 (S3).
Resistance Levels: 97.42, 97.61, 97.82
Support Levels: 97.11, 96.89, 96.70
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