EURUSD – Euro Likely to Hit Fresh Highs above 1.1440
Aayush Jindal
Key Highlights
Euro continued to trade higher against the US Dollar, and looks set to trade above 1.1440.
Euro Zone Consumer Confidence will be released by the European Commission, which is expected to decline to -5.8 in June 2015.
New Zealand Westpac consumer survey came in at 113.0 in the second quarter of 2015, down from the last reading of 117.4.
EURUSD – Technical AnalysisThe EURUSD pair managed to gain bids this past week, and traded above 1.1400 before finding sellers around 1.1440. There is a contracting triangle pattern formed on the 4-hours chart of the EURUSD pair, which might act as a catalyst in the near term. No doubt, there is a major formed around 1.1440 where it won’t be easy for buyers to fight sellers.Currently, the pair is trading back higher after testing the 61.8% Fib retracement level of the last from the 1.1202 low to 1.1433 high. It looks like a short-term correction is complete and the pair might head back higher moving ahead. Moreover, there is a cross noted for the 100 and 200 simple moving average (4H), which is a positive sign.Let us see how the pair trades in the near term, as there remains a risk of a break higher above 1.1440. If buyers gain momentum, then there is a possibility of a move towards 1.1500.NZ Westpac Consumer ConfidenceToday during the Asian session, the New Zealand Consumer Confidence, which is an indicator of the mood of consumers or business was released by Westpac New Zealand. The outcome was on the lower side, as the Consumer Confidence declined to 113.0 in the second quarter of 2015, down from the last reading of 117.4. This increased the bearish pressure on the NZDUSD pair, and diminished hopes of a correction in the short term. The pair has a support around 0.6880, which if breached might open the doors for more losses.Euro Zone Consumer ConfidenceToday, the Euro Zone Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity) was released by the European Commission. The market is expecting a decline in the confidence from the last reading of -5.5 to -5.8 in June 2015.
Let us see how the pair trades in the near term, as there remains a risk of a break higher above 1.1440. If buyers gain momentum, then there is a possibility of a move towards 1.1500.NZ Westpac Consumer ConfidenceToday during the Asian session, the New Zealand Consumer Confidence, which is an indicator of the mood of consumers or business was released by Westpac New Zealand. The outcome was on the lower side, as the Consumer Confidence declined to 113.0 in the second quarter of 2015, down from the last reading of 117.4. This increased the bearish pressure on the NZDUSD pair, and diminished hopes of a correction in the short term. The pair has a support around 0.6880, which if breached might open the doors for more losses.Euro Zone Consumer ConfidenceToday, the Euro Zone Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity) was released by the European Commission. The market is expecting a decline in the confidence from the last reading of -5.5 to -5.8 in June 2015.
Let us see how the pair trades in the near term, as there remains a risk of a break higher above 1.1440. If buyers gain momentum, then there is a possibility of a move towards 1.1500.NZ Westpac Consumer ConfidenceToday during the Asian session, the New Zealand Consumer Confidence, which is an indicator of the mood of consumers or business was released by Westpac New Zealand. The outcome was on the lower side, as the Consumer Confidence declined to 113.0 in the second quarter of 2015, down from the last reading of 117.4. This increased the bearish pressure on the NZDUSD pair, and diminished hopes of a correction in the short term. The pair has a support around 0.6880, which if breached might open the doors for more losses.Euro Zone Consumer ConfidenceToday, the Euro Zone Consumer Confidence, which is a leading index that measures the level of consumer confidence in economic activity) was released by the European Commission. The market is expecting a decline in the confidence from the last reading of -5.5 to -5.8 in June 2015.