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2013-06-12 04:51 GMT
Strong technical set up helps EUR/USD post highest close since mid February
The EUR/USD finished the session sharply higher, surpassing the critical resistance level near 1.3300 and closing up 57 pips at 1.3312 (highest daily close since Feb 19th). In what was a quiet day of economic releases from both the EU and US, analysts were searching for catalyst to help explain the impressive strength.
Derek Halpenny, European Head of Global Markets Research at Bank of Tokyo Mitsubishi UFJ, was pointing towards recent hawkish comments from ECB President Draghi as an initial catalyst for the sharp move higher. “The euro remains incredibly solid and has advanced further versus the dollar. ECB President Draghi did speak yesterday and stated that rates would rise once the euro-zone economy improved – a statement of the obvious.”
In further discussing his views, Halpenny went on to comment, “We suspect that the current euro demand is probably emanating from the unwinding of long high yielding currency positions. Both the dollar and the euro were likely used as funding currencies for these positions and hence the euro is modestly out-performing the dollar.” To conclude his view, Halpenny went on to say he expects the EUR/USD will start to decline once the position unwind is completed. -FXstreet.com
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N/A
Germany. Constitutional court ruling on OMT bond buying
2013-06-12 06:00 GMT
Germany. Consumer Price Index (YoY) (May)
2013-06-12 08:30 GMT
UK. Claimant Count Change (May)
2013-06-12 21:00 GMT
New Zeland. Monetary Policy Statement
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2013-06-12 04:10 GMT
German CPI next: Impact on EUR/USD
2013-06-12 03:43 GMT
USD/CAD has found a short term base - TDS
2013-06-12 03:36 GMT
AUD/JPY advances capped near 91.50
2013-06-12 02:40 GMT
AUD/USD inching higher towards 0.9500
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EURUSD
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HIGH
1.33172
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LOW
1.32972
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BID
1.33003
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ASK
1.33004
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CHANGE
-0.1%
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TIME
08:24:49
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Upwards penetration is limited now to next resistive structure at 1.3321 (R1). Break here is required to enable higher targets at 1.3350 (R2) and 1.3378 (R3).
Downwards scenario: On the other hand, depreciation below the support level at 1.3271 (S1) would suggest next intraday target at 1.3244 (S2) and any further weakening would then be limited to final support level at 1.3216 (S3).
Resistance Levels: 1.3321, 1.3350, 1.3378
Support Levels: 1.3271, 1.3244, 1.3216
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GBPUSD
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HIGH
1.56519
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LOW
1.56337
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BID
1.56362
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ASK
1.56370
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CHANGE
-0.06%
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TIME
08:24:50
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: Possible upwards formation is limited now to resistive measure at 1.5654 (R1). A break above it would suggest next intraday target at 1.5686 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 1.5717 (R3).
Downwards scenario: On the downside our focus is shifted to the next support level at 1.5618 (S1). Loss here is required to push the price towards to our next interim targets at 1.5584 (S2) en route towards to final support at 1.5550 (S3)
Resistance Levels: 1.5654, 1.5686, 1.5717
Support Levels: 1.5618, 1.5584, 1.5550
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USDJPY
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HIGH
96.778
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LOW
95.918
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BID
96.738
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ASK
96.743
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CHANGE
0.76%
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TIME
08:24:51
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
Medium
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Upwards scenario: A violation of next resistance at 97.29 (R1) might call for a run towards to next target at 97.71 (R2) and any further appreciation would then be limited to final target at 98.13 (R3).
Downwards scenario: Negative developments might be settled below the important support level at 96.21 (S1). Any price action below it would then be targeting support at 95.79 (S2) and final target could be exposed at 95.37 (S3) mark.
Resistance Levels: 97.29, 97.71, 98.13
Support Levels: 96.21, 95.79, 95.37
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