EUR News

EURUSD failed to break below 1.1161 support and moved sideways in a trading range between 1.1161 and 1.1267, indicating that the pair remains in uptrend from 1.0839 and the fall from 1.1267 could be treated as consolidation of the uptrend. As long as the 1.1161 support holds, the uptrend could be expected to continue and next target would be at 1.1350 area. On the downside, a breakdown below 1.1161 support will indicate that the upward movement had completed at 1.1267 already, this could trigger a correction pullback into 1.1070 zone.

Germany's consumer price inflation eased more-than-expected in May to its lowest level in six months, preliminary data from Destatis showed Tuesday.

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EURUSD stays in a falling price channel on its 4-hour chart and is now in short term downtrend from 1.1267. As long as the pair is in the channel, the downtrend could be expected to continue and next target would be at around 1.1050. However, the fall from 1.1267 would possibly be consolidation of the longer term uptrend from 1.0569 (Apr 10 low), another rise towards 1.1450 is still possible after the consolidation. Near term resistance is at the top trend line of the channel now at around 1.1195, a clear break of the channel resistance could signal resumption of the uptrend.

EURUSD broke above the top trend line of the price channel on its 4-hour chart, indicating that the short term downtrend from 1.1267 had completed at 1.1109 already. Now the pair is facing 1.1267 resistance, a break of this level could signal resumption of the uptrend from 1.0569 (Apr 10 low), this could trigger another bullish movement towards 1.1450. Near term support is at 1.1195, only a breakdown below this level will indicate that lengthier consolidation for the uptrend is needed, then the pair will find support around 1.1050.

Germany's factory orders declined more-than-expected in April, reflecting a weak start to the second quarter. Manufacturing new orders dropped 2.1 percent month-on-month in April, reversing a revised 1.1 percent increase in March, figures published by Destatis revealed Wednesday. Orders were forecast to drop slightly by 0.3 percent.

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EURUSD remains in short term uptrend from 1.1109, as long as 1.1200 support holds, the pullback from 1.1285 could be treated as correction of the uptrend. Further rise could be expected after the correction pullback and a break of 1.1285 resistance could trigger another bullish movement towards 1.1450. On the downside, a breakdown below 1.1200 support will indicate that lengthier consolidation for the longer term uptrend from 1.0569 (Apr 10 low) is underway, then the pair will find support at around 1.1130.

The European Central Bank has taken its very first step towards exiting its massive stimulus by omitting the mention of "lower levels" for interest rates in its forward guidance on Thursday, even as the bank chief Mario Draghi denied that there was any discussion of tapering in the latest policy session.

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EURUSD’s fall from 1.1285 extended to as low as 1.1166. Deeper decline is still possible and next target would be at around 1.1130. However, as long as 1.1109 support holds, the fall would possibly be consolidation of the uptrend from 1.0569 (Apr 10 low), another rise towards 1.1450 could be expected after the consolidation. Resistance is at 1.1285, a break of this level could signal resumption of the uptrend.

EURUSD stays in a descending price channel on its 4-hour chart, indicating that the pair remains in the short term downtrend from 1.1285. As long as the pair is in the channel, the downtrend could be expected to continue, and next target would be at around 1.1130. Near term resistance is at 1.1232, a break of this level could bring price back to test 1.1285 resistance.

Eurozone inflation slowed as estimated in May, largely reflecting the slowdown in energy price growth, final data from Eurostat showed Friday.

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