The American dollar is under strong selling pressure this Wednesday, although the common currency holds into its latest range, unable to attract buyers. Commodity-related currencies are the biggest winners, as oil and gold reached fresh multi-month highs, and maintain their upward strength. The EU macroeconomic calendar has been empty, whilst in the US, the release of mortgage applications for April, much better than March figures, has done none for the greenback. The only relevant pending figure is US oil stockpiles, expected to show a large drawdown in the week ended June 3rd, and if that is the case, the USD will probably keep falling. As for the EUR/USD pair, is quoting at the upper end of this week's range, a handful of pips below the 1.1400 figure. In the short term, the 1 hour chart presents a modest upward potential, as the price is advancing above a mayor Fibonacci level and its 20 SMA, whilst the technical indicators advance within positive territory. In the 4 hours chart, the technical indicators also aim higher but with no strength, whist the 20 SMA has extended its advance up to the mentioned Fibonacci support around 1.1355, reinforcing the strength of the support. The pair can extend up to 1.1420, the 61.8% retracement of May's decline, with a break above it indicating a continued advance up to 1.1460. Support levels: 1.1355 1.1320 1.1280 Resistance levels: 1.1425 1.1460 1.1500 GBP/USD Current price: 1.4573 http://www.fxstreet.com/analysis/eur-usd-patience-required-once-again-201606081238
EUR/USD Current Price: 1.1386
Written By Unknown on Thursday, June 9, 2016 | 7:55:00 AM
The American dollar is under strong selling pressure this Wednesday, although the common currency holds into its latest range, unable to attract buyers. Commodity-related currencies are the biggest winners, as oil and gold reached fresh multi-month highs, and maintain their upward strength. The EU macroeconomic calendar has been empty, whilst in the US, the release of mortgage applications for April, much better than March figures, has done none for the greenback. The only relevant pending figure is US oil stockpiles, expected to show a large drawdown in the week ended June 3rd, and if that is the case, the USD will probably keep falling. As for the EUR/USD pair, is quoting at the upper end of this week's range, a handful of pips below the 1.1400 figure. In the short term, the 1 hour chart presents a modest upward potential, as the price is advancing above a mayor Fibonacci level and its 20 SMA, whilst the technical indicators advance within positive territory. In the 4 hours chart, the technical indicators also aim higher but with no strength, whist the 20 SMA has extended its advance up to the mentioned Fibonacci support around 1.1355, reinforcing the strength of the support. The pair can extend up to 1.1420, the 61.8% retracement of May's decline, with a break above it indicating a continued advance up to 1.1460. Support levels: 1.1355 1.1320 1.1280 Resistance levels: 1.1425 1.1460 1.1500 GBP/USD Current price: 1.4573 http://www.fxstreet.com/analysis/eur-usd-patience-required-once-again-201606081238
